Canadalend is committed to helping clients with mortgage requirements, as the process can be confusing and stressful for many people. The expert staff at Canadalend utilize years of experience to provide personalized service that is professional, ethical and knowledgeable. Canadalend’s Mortgage Approval Steps provide a comprehensive breakdown of everything you need to know in order to get your mortgage approved:
Before a lender agrees to forward any funds to borrowers, they will want to look at the credit history of the borrower. The lender is looking for assurance that the money they lend out is safe and will be repaid on time. If you have a poor credit history, a mortgage and credit specialist at Canadalend can review your situation with you to see how much credit you can qualify for based on your history.
Income and Debt
A lender can calculate if you are able to afford mortgage payments by looking at your income-to-debt ratio. The calculation of your monthly housing costs should not be more than 32 percent of your gross monthly income. Housing costs include your monthly mortgage payment, property taxes and heating expenses.
Consistent employment history is very valuable when applying for a loan, so the longer you have been employed with the same company, the better. Lenders want assurance that you are able to hold down a job long enough to pay back the money they loaned you — many lenders require two years of consistent employment before approving a loan.
From a lender’s perspective, a larger down payment indicates more financial strength, and will be rewarded with a lower interest rate. Lenders also care about where the down payment is coming from and will often request documents to confirm its origin. Down payments from your own resources are viewed as more favourable.
An appraisal is a document that gives an estimate of a property’s fair market value. If the appraisal comes in lower than the sale price, a Canadalend mortgage specialist can help you carefully consider all options available to you.
Canadalend can help you arrange a loan through private mortgages in the GTA and neighbouring areas. Canadalend mortgage specialists will do their best to provide you with a home loan based on your specific situation. Canadalend mortgage approval steps provide customers with solutions that enable financial freedom, peace of mind and maximum satisfaction.