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TYPICAL MORTGAGE QUALIFYING PROCESS
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MORTGAGES FOR BUYERS:
Whether you are looking to purchase a condominium (apartment or townhouse), or a single family home, you should get pre-approved for a mortgage.
Mortgage Lenders qualify you in four main categories:
1. Income - Your ability to make mortgage and other payments
2. Credit History -Have you been responsible in the past
3. Equity - Do you have a down payment and how much?
4. Property - Is the home you're buying worth what you think it is?
BASIC CRITERIA
- Permanent full time employment (need letter of employment and pay stub).
- Permanent /part time employment acceptable after one year
- Acceptable present and past credit history and habits.
- Saving habits and net worth.
Debt Service Ratios:
1. Gross Debt Service (G.D.S.) =
Principle, interest, taxes and heat allowance/gross income = 32%
2. Total Debt Service (T.D.S.) =
P.I.T. & heat allowance plus monthly outside debts (credit cards, loans)/gross income = 40%
***The Gross Debt Service allowed is 32% for all applicants.
Data to be provided by applicant:
1. Letters and year to date pay stub confirming employment, tenure and gross income. Self-employed individual require 3 years tax returns and financial statements.
2. Proof of down payment from non-borrowed sources:
a) Copy of bank statements for 3 consecutive months.
b) Letter confirming family gift from a direct family member.
c) Copy of R.S.P. OR G.I.C.
Use the mortgage calculators below to assist you in making some decisions around financing your new home
Mortgage Qualification Calculator
This calculator will help you determine how much money you qualify to borrow. The results are informal. You will be subject to a credit approval from your financial institution taking into consideration existing debt load, amount of down payment, income and other variables.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.
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LAWYERS
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Paul Kushwaha
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Joe Card |
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206 A -1935 32 Ave Ne
Calgary AB, T2E 7C8
Phone : (403) 291-6786
Fax : (403) 291-4320 |
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120-3636 23 Street NE
Calgary,AB T2E8Z5
Phone : (403) 291-2532
Fax : (403) 291-2534
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Ryan McKay
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David Gottlieb |
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Suite 201, 6 Crowfoot Circle NW
Calgary,AB T3G 2T3
Phone : (403) 800-8000
Fax : (403) 851-2107 |
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Thorncliffe Shopping Centre
#8, 5602 - 4th Street N.W.
Calgary, Alberta T2K 1B2
Phone : (403) 275-4881
Fax : (403) 274-0367 |
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Jeff Kahane |
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7309 Flint Road S.E.
Calgary,AB T2H 1G3
Phone : (403) 225-8810
Fax : (403) 225-8289 |
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SURVEYORS
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Pang Surveys |
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Lovse Surveys |
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Suite 220, 1300 8th Street S.W.
Phone: (403) 242-8040
Fax (403) 242-8017 |
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#2, 4750 106 Avenue S.E.
Phone: (403) 254-2010
Fax: (403) 254-1723 |
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Douglas Surveys |
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Terramatic Technologies Inc. |
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#610, 1300 8th Street S.W.
Phone: (403) 228-7005
Fax: (403) 228-4144 |
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12, 5080 12A Street S.E.
Phone: (403) 214-3655
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Global Surveys Group |
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210, 4954 Richard Road S.W.
Phone: (403) 283-5455
Fax: (403) 283-5418 |
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Calgary Real Estate: If you'd like to have your Calgary home listed in the MLS® listings service, or if you require further information or wish to arrange a showing on any Calgary homes for sale, give us a call at 403-805-HOME (4663) or contact us at admin@ursold.net.
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