What Is Your Mortgage Approval?

Prior to searching for your future home it is in your interest to to be prepared with documents. You will need to provide your household income, how much of a downpayment you have accumulated over the years & your monthly expenses.

The minimal downpayment required by a lender is 5%, the bigger the downpayment the better. In order to be approved your Gross Debt Service Ratio (GDS) must be under 32% and Total Debt Service Ratio (TDS) must be under 40%.

This will work in your best interest so call a real estate agent that can help figure out your affordability. Also please do not hesitate to ask how we can increase your mortgage options.