The postings on this site are my own and do not necessarily represent the positions, strategies or opinions of Ashburn Mortgages - Paragon
MORTGAGE - Do I Need an Income to get a Mortgage
Posted by Sean Stewart
on 26 July 2021
)
Yes, you need some type of income to get a mortgage. The calculation for debt servicing is your total debt payments divided by your gross income. Without an income this formula does not work, and you cannot qualify for a mortgage.
Employment income is the most common and you can use the gross annual amount. Other types of income include rental income, investment income (dividends and interest), alimony, pensions, child support and other types of income. There are many restrictions on how muc...
Employment income is the most common and you can use the gross annual amount. Other types of income include rental income, investment income (dividends and interest), alimony, pensions, child support and other types of income. There are many restrictions on how muc...
Posted in:Key Tips |
MORTGAGE LENDERS - Find the Right Lender for You
Posted by Sean Stewart
on 12 July 2021
)
When you ask people which mortgage lenders are in the Canadian market place, most people will name the six large retail banks. But did you know that there are 83 banks registered in Canada? Plus many other credit unions and trust companies. Not all of these institutions lend mortgage money but I bet this fact just expanded your understanding of the market place.
All of these institutions including the big six banks are regulated by the same government agency called the Office of the Superint...
All of these institutions including the big six banks are regulated by the same government agency called the Office of the Superint...
Posted in:Key Tips |
How Mortgage Interest Rates Work
Posted by Sean Stewart
on 28 June 2021
)
Are you not getting the interest rate that you want from a lender? Maybe you can get a better interest rate or maybe you do not understand your mortgage profile.
Lenders look at many factors when deciding what interest rate to offer you for your mortgage. Such things as income, credit score, credit history, others debts that you have, the property itself, assets that you have, liens or collections, loan amount relative to the property value, etc. There really is an almost endless list of cri...
Lenders look at many factors when deciding what interest rate to offer you for your mortgage. Such things as income, credit score, credit history, others debts that you have, the property itself, assets that you have, liens or collections, loan amount relative to the property value, etc. There really is an almost endless list of cri...
Posted in:Key Tips |
How to Calculate Mortgage Qualification
Posted by Sean Stewart
on 14 June 2021
)
At its core qualifying for a mortgage is a mathematical calculation. Plug some numbers into a formula and out pops the mortgage amount that you qualify for. It sounds simple.
The concept of the formula is: the cost of the mortgage plus your other debt obligations dividend by your gross income. This is called your total debt servicing ratio. All mortgage professionals are doing this calculation to qualify you for your mortgage. There is a lot of detail that can go into qualifying you for t...
Posted in:Key Tips |
Top 5 Reasons Your Mortgage May Fall Apart
Posted by Sean Stewart
on 31 May 2021
)
It is a lot of work to get a mortgage and there are many people involved, from broker, lender, appraiser, and lawyer. It is rare to see a mortgage fall apart but sometimes it happen. Here is a list of the most common reasons I have seen or have heard about as to why a mortgage does not get done.
Documentation does not match your story - If you say that you earn $60,000 of income, your income documentation needs to match. You can't give documentation that shows $58,500 of income when ...
Documentation does not match your story - If you say that you earn $60,000 of income, your income documentation needs to match. You can't give documentation that shows $58,500 of income when ...
Posted in:Key Tips |