Permanent teacher mortgages in Ontario

A permanent Ontario teacher qualifies on full base salary from day one using a board employment or salary letter. You do not need two years of history, and whether your pay is spread over 10 or 12 months does not change your qualifying income.

A permanent contract on the grid is the cleanest file a lender sees. The work now is making sure the file is presented properly so it moves quickly and gets the best terms.

What a lender uses

• Your gross annual base salary, taken from the board employment or salary letter.
• The annual figure, regardless of whether pay is disbursed over 10 or 12 months.
• Grid placement (category and step) to forecast contractual raises on a stretch file.

The employment letter does the heavy lifting

A strong letter states your position, your category and step, your base salary, your start date, and that you are permanent. A letter that omits any of these can slow or stall the file. We make sure it says the right things before it goes in.

The one trap

Some loan officers get confused that "summer is unpaid" and try to reduce a permanent teacher's income. That is simply wrong. The annual base salary is the qualifying number.

Common questions