Cory Lewis Mortgage Advisor

Blend and extend… one of the most overlooked mortgage moves in Canada
If you’re locked into a higher rate right now, you might not need to break your mortgage to improve it.

A blend and extend lets you combine your current rate with today’s rate and reset
your term, giving you a lower rate without triggering a full penalty.

Sounds simple, but here’s what most people don’t realize:

• Your new rate sits somewhere between your old rate and current market rates
• You’re committing to a brand new term, often 3 to 5 years
• It’s not always the lowest rate available, just the most convenient option

In some cases, this strategy can save you money. In others, fully breaking your mortgage and switching lenders could put you further ahead.

That’s where strategy matters.

Before you make a move, make sure you’re looking at the full picture, not just the easiest option.

Feel free to book a call if you have any questions, I am always happy to chat.

When Canadians apply for a mortgage, many assume lenders only look at their base salary. In reality, lenders evaluate several different types of income when determining how much you can qualify for.
Understanding how income is calculated can make a big difference in your purchasing power.

Salary and Hourly Income
Full time salaried or hourly income is the most straightforward. Lenders typically review recent pay stubs, employment letters, and tax documents to confirm stability and consistency.

Bonuses and Commission
If part of your compensation comes from bonuses or commission, lenders often average this income over the past two years to confirm that the income is stable and reliable.

Self Employed Income
For business owners or self employed professionals, lenders usually review two years of tax returns and financial statements. Because taxable income can be reduced through deductions, this can sometimes affect how much income lenders are willing to use for qualification.

Rental Income
If you own rental properties or are purchasing a home with a rental suite, lenders may allow a portion of the rental income to be included in your application, which can increase your borrowing power.

Other Sources of Income
Lenders can also consider income from pensions, investments, CCB or child support if it is well documented and consistent.

Every lender evaluates income slightly differently, which is why having options and guidance through the process can make a big difference.

If you’re unsure how your income may be viewed by lenders, give me a call - I am always happy to chat.