{"id":1220,"date":"2019-05-26T20:38:17","date_gmt":"2019-05-26T20:38:17","guid":{"rendered":"https:\/\/mymortgagepros.com\/?p=1220"},"modified":"2024-02-08T05:46:04","modified_gmt":"2024-02-08T05:46:04","slug":"mortgage-qualifying","status":"publish","type":"post","link":"https:\/\/mymortgagepros.com\/mortgage-qualifying\/","title":{"rendered":"Mortgage qualifying"},"content":{"rendered":"\n

Do you know whether you qualify for a\nmortgage and, if you do, do you know how much you can afford? Before you can\neven begin to think about buying a home, you should answer both of these\ncrucial questions.<\/p>\n\n\n\n

A smaller down payment will mean your monthly mortgage payments will be higher, but it may allow you to buy sooner rather than later. Check it out<\/a><\/strong><\/h4>\n\n\n\n

Most lenders look at five factors when\ndetermining whether you qualify for a mortgage loan:<\/p>\n\n\n\n

  1. your income<\/li>
  2. debts<\/li>
  3. employment history<\/li>
  4. credit history<\/li>
  5. value of the property you want to buy<\/li><\/ol>\n\n\n\n

    One\nof the first questions a lender will consider is how much of your total income\nyou’ll be spending on housing. This helps the lender decide whether you can\ncomfortably afford a house. <\/p>\n\n\n\n

    A lender will then look at your debts<\/a><\/strong>, which generally include house payments as well as payments on all loans, charge cards, child support etc. that you make each month.<\/p>\n\n\n\n

    A history of steady employment,\nusually within the same job for several years, helps you to qualify. But a\nshort history in your current job shouldn’t prevent you from getting a loan, as\nlong as there have been no gaps in income over the last two years.<\/p>\n\n\n\n

    Good credit is very important in\nqualifying for a loan and the lender will want to know that the house is worth\n& the price you plan to pay.<\/p>\n\n\n\n

    How much can you afford?<\/h4>\n\n\n\n

    The size of your down payment affects the amount of your monthly mortgage payments. A smaller down payment will mean your monthly mortgage payments will be higher, but it may allow you to buy sooner rather than later. Mortgage Calculator to help to see instant numbers!<\/a><\/strong><\/p>\n\n\n\n

    A down payment of 20 per cent or more will qualify you for a conventional mortgage. If it is less than 20 per cent, the mortgage must be insured with a mortgage insurance company, such as Genworth Financial Canada<\/a><\/strong>, CMHC<\/a><\/strong><\/p>\n\n\n\n

    Homes can be purchased with as little as five per cent down.<\/a><\/strong><\/p>\n\n\n\n

    Mortgage payments for principal,\ninterest and taxes generally should not exceed 30 per cent of your gross\nmonthly income. Simply multiply your gross monthly income by 0.30 to determine\nyour maximum monthly payments. If your gross monthly income is $4,000, the most\nyou can afford is $4,000 x 0.30 = $1,200.00.<\/p>\n\n\n\n

    Don’t forget closing costs such as\nland transfer tax, legal fees, building inspection, home insurance and realtor\nfees, which can amount to 1.5 per cent of the purchase price.<\/p>\n\n\n\n

    When budgeting, also consider other\nmonthly-related expenses such as condominium fees, heat, hydro, water, property\ntax, insurance and household maintenance.<\/p>\n\n\n\n

    And one last tip – get a pre-approved\nmortgage. This free service from lenders comes with no obligations, helps to\nconfirm your financial boundaries, and frees you to focus on finding the home\nyou want.<\/p>\n\n\n\n

    Let us know if you want to get in touch with one of our professionals at MortgagePRO, enroll in a FREE consultation session <\/strong><\/a><\/p>\n\n\n\n

    Choose the Agent you want to deal with!https:\/\/mymortgagepros.com\/mortgage-brokers-calgary\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

    Do you know whether you qualify for a mortgage and, if you do, do you know how much you can afford? Before you can even begin to think about buying a home, you should answer … Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1],"tags":[46,45,44],"yoast_head":"\nMortgage qualifying - My Mortgage PRO - Calgary<\/title>\n<meta name=\"description\" content=\"Pre qualify to avoid last minute dissapointments, MortgagePRO programs based on income, credit, employment, debts, value of the property, down payment\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mymortgagepros.com\/mortgage-qualifying\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage qualifying - 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