Mortgage approval: Here are some frequently asked questions [Video]

Housing has become one of the most talked about topics in Canada, as the country deals with high interest rates affecting mortgages and approvals.

Frank Napolitano from Mortgage Brokers Ottawa joins CTV Morning Live to answer some of the most asked questions about the housing market, mortgage approval and finances.

We’re looking at buying our first home and have taken on second part-time jobs to help save for a down payment. Our bank says they won’t count that income when it comes to qualifying for a mortgage as we’ve only been at our part-time jobs for six months. Do all banks treat part-time income this way?

Napolitano says most banks treat part-time income this way, unless the job has guaranteed hours. He notes that, in general, banks ask for a two-year history when it comes to variable income.

“If an employer says to you ‘listen I want you to work …