Your first teaching contract: applying before the first pay stub
Start with your signed contract and a board employment letter. Ask which pay stubs and probation details the lender needs before choosing a purchase timeline. Starting an application before your first pay is possible; final income verification depends on the lender and your employment terms.
Bring the contract and board letter
The documents should explain your employment status, start date, salary and workload. LTO and part-time assignments need their dates and actual paid workload, not just a full-time grid rate.
Separate an estimate from a pre-approval
An estimate helps you plan. A lender pre-approval may have conditions about pay stubs, probation or the property. Ask what is confirmed, what remains outstanding and whether there is a rate hold.
Before making an offer
- Confirm which income the lender accepts and when it must begin.
- Understand any probation or first-pay requirements.
- Keep money for closing costs and an emergency buffer.
- Discuss a financing condition with your real estate representative and lawyer.
When your first pay arrives
Provide the first pay stub through the agreed secure document process. If it covers only part of a pay period or differs from the salary letter, ask payroll to explain the difference.
Sources and dates
These sources support the general rules discussed here. Lender requirements and individual eligibility still need to be confirmed.
First published . Updated . Source dates are listed above.
Common questions
Is a signed contract enough for approval?+
Not on its own in every case. The lender sets its income-verification requirements and also reviews credit, debts, down payment and property.
Does an LTO contract qualify at the full annual grid rate?+
Not necessarily. Actual assignment length, workload, past earnings and expected continuity matter.
Talk to us
Emily & Jeff Mudrick
Mortgage agents, Mudrick Mortgages
Serving teachers across Ontario.
Discuss your mortgage plans
Bring your questions about buying, renewing or refinancing. We will help you understand the next steps.