Calgary Houses Real EstateCalgary Houses Real Estate

Calgary Real Estate Expert

Your Calgary Real Estate Expert

Immy Gangji

The Future of Your Dream Home Starts Here

 Immy  Gangji (403) 617-2111

immy@ursold.net

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    • TYPICAL MORTGAGE QUALIFYING PROCESS
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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 7C8
Phone : (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.

About Immy

Immy is a member of the Canadian Real Estate Association (CREA) – which gives him the designation of a REALTOR® . He is committed to a high standard of professional conduct, ongoing education, and to a strict Code of Ethics and Standard of Business Practice.

Contact Us

(403) 617-2111
immy@ursold.net

Our Office

© 2021 · Equity Framework
Disclaimer: Information herein deemed reliable but not guaranteed by CREB®

CIR
The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by The Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.