Room mates can help you cover your costs once you’ve got a house, but we can’t use that extra income to help you qualify for your mortgage.
Category: Getting started
Can I get a mortgage if I’ve claimed bankruptcy?
You bet you can! Click here to see how it’s done.
Credit score rating illustrated
Your credit score is a number that lenders look at to assess your credit worthiness when you apply for a loan or mortgage. Your credit score is important in determining: Whether you qualify for a loan. The interest you will pay on your loan. Click here to see how is your credit score calculated.
How is my credit score determined?
Your credit score is a number that lenders look at to assess your credit worthiness when you apply for a loan or mortgage. Your credit score is important in determining: Whether you qualify for a loan. The interest you will pay on your loan. Payment History Paying your bills on time is critical to maintaining a […]
The mint mortgage approval system
What paperwork should I have ready?
We love that you’re getting your paperwork together 🙂 It makes things so much easier for you when you’ve got your documents up front and we’re able to review everything ahead of time! Once we have your application we can give you a list of paperwork that’s specific to you. For the serious go getter, […]
How is income determined if I’m self employed?
First off, congratulations on being self employed. We think that’s awesome 🙂 If we’re qualifying your income using traditional methods, we’ll need to have at least two years of you reporting your self employed income to Revenue Canada. Here’s what we’ll need to have a look through to figure out your qualifying income. If you […]
Definition of “default”?
Default’s are the biggest “Oops” of the financing world. When someone defaults on their mortgage, it means they’ve failed to make the scheduled payments. Our advice, start talking with our team before you even miss the first payment. We may be able to come up with some strategies to help prevent your situation from going from default […]
definition of “Amortization”
Amortization is the length of time that your mortgage payments are spread out over. A 25 year amortization means that, based on your current rate and payments, it will take approximately 25 years to pay off the total mortgage.
definition of “term”?
The term of your mortgage is the length of time that you have your mortgage contract for, before you have to renew or refinance it again. So for instance, a 3 year term means that the rate and payments you’ve negotiated today will need to be renegotiated in 3 years, unless you choose to do […]