I WOULD LIKE TO:
Mortgage Approval Components
Mortgage Lenders will look at one or more of the following aspects before approving a mortgage on a property. Income Lenders allow several different types of income such as salary income, self-employment income, pension income and rental income. Liabilities All your liabilities will need to be included in your mortgage application. Lenders have various guidelines for calculating you monthly debt obligations. The most important liability to pay off prior to mortgage financing is any income tax owed to Revenue Canada as many lenders will not approve mortgages until your income taxes are paid in full. Contact us if you need to refinance to payout Revenue Canada. Credit History Your credit history and score will determine what mortgage products and rates you may qualify for. Debt Service Ratios Lenders have guidelines on how much of your gross income can be used towards your shelter expenses and other debt obligations. Your credit score will determine how much of your income will be allowed to be used towards your liability payments for standard residential mortgages. Property Type Lenders will have guidelines to determine if they are willing to lend on a specific property type. Not all lenders will lend on mobile homes, log homes, bare land, rentals, ALR zoning, certain geographical areas and more. Equity Some lenders approve mortgages based on the amount of equity you have in your property without provable income. Net Worth If you have a high net worth but not enough standard income there are lenders that have mortgage products that take your total net worth of liquid and non-liquid assets into consideration
I WOULD LIKE TO:
Licensed Sub Mortgage Broker with Dominion Lending Centres
Integrity Mortgage BC, © Copyright, Dominion Lending Centres Inc.
Each Office Independently Owned and Operated
Mortgage Approval Components
Mortgage Lenders will look at one or more of the following aspects before approving a mortgage on a property. Income Lenders allow several different types of income such as salary income, self-employment income, pension income and rental income. Liabilities All your liabilities will need to be included in your mortgage application. Lenders have various guidelines for calculating you monthly debt obligations. The most important liability to pay off prior to mortgage financing is any income tax owed to Revenue Canada as many lenders will not approve mortgages until your income taxes are paid in full. Contact us if you need to refinance to payout Revenue Canada. Credit History Your credit history and score will determine what mortgage products and rates you may qualify for. Debt Service Ratios Lenders have guidelines on how much of your gross income can be used towards your shelter expenses and other debt obligations. Your credit score will determine how much of your income will be allowed to be used towards your liability payments for standard residential mortgages. Property Type Lenders will have guidelines to determine if they are willing to lend on a specific property type. Not all lenders will lend on mobile homes, log homes, bare land, rentals, ALR zoning, certain geographical areas and more. Equity Some lenders approve mortgages based on the amount of equity you have in your property without provable income. Net Worth If you have a high net worth but not enough standard income there are lenders that have mortgage products that take your total net worth of liquid and non-liquid assets into consideration
