TYPICAL MORTGAGE QUALIFYING PROCESS

TYPICAL MORTGAGE QUALIFYING PROCESS

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.

	MORTGAGE SPECIALISTS

LAWYERS

	Paul Kushwaha		Joe Card
	206 A -1935 32 Ave Ne Calgary AB, T2E 7C8Phone : (403) 291-6786 Fax : (403) 291-4320		120-3636 23 Street NE Calgary,AB T2E8Z5 Phone : (403) 291-2532 Fax : (403) 291-2534
	Ryan McKay		David Gottlieb
	Suite 201, 6 Crowfoot Circle NW Calgary,AB T3G 2T3 Phone : (403) 800-8000 Fax : (403) 851-2107		Thorncliffe Shopping Centre #8, 5602 – 4th Street N.W. Calgary, Alberta T2K 1B2 Phone : (403) 275-4881 Fax : (403) 274-0367
	Jeff Kahane
	7309 Flint Road S.E. Calgary,AB T2H 1G3 Phone : (403) 225-8810 Fax : (403) 225-8289

SURVEYORS

	Pang Surveys		Lovse Surveys
	Suite 220, 1300 8th Street S.W. Phone: (403) 242-8040 Fax (403) 242-8017		#2, 4750 106 Avenue S.E. Phone: (403) 254-2010 Fax: (403) 254-1723
	Douglas Surveys		Terramatic Technologies Inc.
	#610, 1300 8th Street S.W. Phone: (403) 228-7005 Fax: (403) 228-4144		12, 5080 12A Street S.E. Phone: (403) 214-3655
	Global Surveys Group
	210, 4954 Richard Road S.W. Phone: (403) 283-5455 Fax: (403) 283-5418

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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