Understand the 5 key factors to understanding the mortgage approval process. Learn what lenders use to determine whether or not your mortgage application is successful. Take the guess work out and learn about the key steps in addition to Gross Debt Service and Total Debt Service Ratios.
Filed under: First Time Home Buyers, Mortgage Planning, Mortgage Terms | Tagged: Canada, Finance, First Time Home Buyer, GDS, LTV, Mortgage Advice, Mortgage Planning, TDS | Leave a Comment »
Co-signor, co-borrower or co-applicant all mean the same but Guarantor is has a different legal meaning. A co-signor has right of ownership whereas a Guarantor does not. The main advantage of a Guarantor is for business-for-self couples (BFS). If the business fails creditors do not have access to the family home because the business owner’s name is not on title of the property.
Filed under: Mortgage Terms | Tagged: Credit Tips and Tricks, Finance, Loans, Mortgage Advice, Mortgage Planning | Leave a Comment »
Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS). What can you afford in a mortgage payment depends on your gross income. On average no more than 32% of your gross income should go towards mortgage payments including your taxes. Whereas 40% of all your debt (TDS), including credit card and loan payments as well as half of strata fees and annual heat. Find out how to calculate your maximum total mortgage payment that you can qualify for.
Filed under: Mortgage Terms | Tagged: Finance, GDS, Mortgage Advice, Mortgage Planning, TDS | Leave a Comment »
