When you’re applying for a mortgage, honesty isn’t just the best policy – it’s essential. Sharing every detail about your employment and income with your mortgage broker can be the difference between a smooth approval and a stressful, last-minute denial. Whether you’re juggling a full-time job, a couple of side hustles, or a mix of contract gigs, every source of income matters. Even the ones you think are too minor to mention could play a crucial role in strengthening your application.
Your Mortgage Broker is Your Financial Ally
Think of your mortgage broker as your financial strategist. Their job is to present your application to lenders in the best possible light, but they can only do that if they have the full picture. When you hide or omit information, even unintentionally, it can lead to:
- Delays: Missing information can stall the approval process as lenders request clarification or additional documents.
- Errors: Incomplete data can lead to incorrect calculations, affecting your borrowing power or eligibility.
- Missed Opportunities: You might miss out on better rates or terms that you could have qualified for with a fuller income picture.
- Denials: In the worst-case scenario, your application could be declined or your approval pulled at the last minute if undisclosed information comes to light
Transparency isn’t just about following the rules; it’s about giving your broker the tools they need to advocate for you effectively!
Why Every Job and Income Source Counts
Lenders assess income differently depending on its source, and your broker knows how to present each type to maximize your approval chances. For example:
- Full-time salaried jobs are straightforward and reliable.
- Part-time or seasonal work can count, especially with a two-year history.
- Self-employment or contract work requires proper documentation but can significantly boost your application if declared correctly.
- Side hustles or gig work may be considered, especially if the income is consistent and provable.
Having multiple streams of income can be the deciding factor in qualifying for your dream home. Even if you think a job “doesn’t really count,” let your broker decide how to use it to your advantage!
More Information Means More Options
When your broker has all the details — even the ones you think are minor — they can:
- Build a more complete income profile that reflects your true financial strength
- Strategize the best way to present your file to different lenders
- Match you with the right lender for your unique situation
- Anticipate and solve potential red flags before they become issues with the lender
It’s not about “padding” your income; it’s about presenting the real you, with confidence and clarity
The Bottom Line
The mortgage process works best when there are no surprises. Your broker isn’t there to judge — they’re there to advocate for you. The more they know, the better they can do their job. When asked about your employment or financial background, lay it all out. One honest conversation can save you weeks of delays, thousands in interest, and the anxiety of last-minute conditions.
So, don’t hold back. Tell your broker about that side gig, part-time role, or contract work. It might just be the key to getting approved for your next home. Let’s build your mortgage application the right way, from the very start!
