A new or probationary teaching contract does not automatically prevent a mortgage. Lenders assess your documented salary, employment conditions and the rest of your application. Some require probation to be completed; others can consider the application while it is ongoing.
Confirm what your contract says
Ask your board for a letter confirming your position, annual salary, start date, workload and probationary status. If work has started, include recent pay stubs. Prior occasional or LTO income may help explain your employment history.
Changing boards does not erase your history
A lender can consider your previous teaching work when assessing continuity. However, a transfer does not automatically waive probation with the new board or satisfy a lender requirement. Obtain written confirmation of any waiver rather than assuming it applies.
Match the closing date to confirmed conditions
If a lender requires probation to end, find out what evidence it needs and when that evidence will be available. Discuss the timeline before committing to a closing date. A later date alone is not an approval.
Make room for the costs of starting out
- Keep money for closing costs and emergencies after the down payment.
- Budget using take-home pay after pension and other deductions.
- Include student debt and regular household commitments.
- Treat a future grid increase as unconfirmed until the board and lender accept it.
Sources and dates
Sources below support the relevant figures and rules. Source dates and historical salary years are shown where available. A planned review date does not guarantee that a figure stays current; check the source and your own eligibility before acting.
First published . Updated . Source dates are listed above.
Common questions
How long do I need to be teaching before I can get a mortgage?+
There is no single waiting period for every lender. It depends on employment status, probation, income documents and the overall application.
Does probation get waived if I change school boards?+
Not automatically. Ask your board whether probation applies and obtain written confirmation of a waiver. A lender separately decides whether your employment meets its requirements.
Should I wait until I am permanent before buying?+
You can explore your options before becoming permanent. Compare the amount a lender may approve with the payment you can sustain through changes in teaching work.
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Emily & Jeff Mudrick
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Serving teachers across Ontario.
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