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Getting a mortgage on parental leave can be complicated, especially for 18 months

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Getting a mortgage on parental leave can be complicated, especially for 18 months

Taking parental leave lowers your income and can drastically reduce the amount of mortgage you qualify for

Original article
The Globe and Mail
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Open this photo in gallery:Getty Images/iStockphotoShareSave for laterPlease log in to bookmark this story.Log InCreate Free AccountAs if the lack of sleep wasn’t enough, new parents looking to buy a home or renew their mortgage should brace for more paperwork and potential hurdles.That’s because taking parental leave – 18 months is the maximum for combined maternity and parental leave in Canada – lowers your income. Even though it’s temporary, it can drastically reduce the amount of mortgage you qualify for.The key to preventing this is to get an official return-to-work letter from your employer that definitively states the date you’ll be back at work and the salary you’ll be earning.

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Excerpt limited to ~120 words for fair-use compliance. The full article is at The Globe and Mail.

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