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...

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 ...

Do you have a lot of equity built up in your property and are wondering how to leverage this equity to qualify for a mortgage? There are a couple of equity mortgage products on the market that we can use.

If your income does not qualify you for the mortgage you need but the mortgage amount is small compared to the property value then we can use one of two products:

1. 65% Equity Product The mortgage amount is 65%, or less, of the property value. Meaning that you will have at least 35% equit...

The mortgage stress test is simply am interest rate which you must use to calculate mortgage qualification. When lenders calculate what mortgage amount you qualify for they do not use the actual interest rate that they offer you, called the contract rate, instead they use a higher interest rate, which is called the stress test interest rate.

Currently, the stress test interest rate is set at 4.79% for all mortgage products. This is not the interest rate that you will pay, it is just used to ...

When you get into alternative lending you will start to see lender fees being charged by the lender. No A-lender will charge a lender fee, only alternative or private lenders will charge a lender fee.

Any type of lending is based on RISK. The riskier the transaction, the higher the cost of borrowing.  Alternative lenders have two ways to compensate for the increased risk which is associated with alternative mortgages, (1) increase the interest rate, and (2) charge a fee. So, why charge ...