Yes, you do 🙂 A lender is not able to finance any more than 95% of the value of a primary residence purchase. Even if the amount of the mortgage you are porting is equal to, or greater than the purchase price of the house you are buying, you’d need to pay that mortgage down […]
Articles Tagged: approval
How long will it take to get an approval once I’ve made an offer on a house?
How exciting!! You’ve found a house and you’re making an offer – what a thrilling time!! When you make an offer on a property, your realtor will typically write up the offer so that you have time to get your mortgage financing finalized. Even if you’ve done as much as possible up front (ie. provided […]
Why do I qualify for less if I am taking a term shorter than 5 years?
When lenders qualify you for a mortgage, they look at a number of things. They’ll check your credit, income, assets and they’ll take the property you are buying in to consideration as well. When they determine how much you qualify for, they will look at your debt ratios. In simple terms, your debt ratio is […]