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Know what you qualify for before starting the home buying process!
You can be pre-approved in just minutes with our easy to use pre-approval process!
Are you beginning your House Hunting?
If you’re considering buying a home or a property, connect with us to prequalify for your mortgage amount. You’ll get a good estimate of what home loan programs will work for you and which neighborhoods you can afford.
Already looking for a house? How exciting!
Apply with us, and we’ll take the next steps, so that you can apply for a pre-approval and a pre-qualification.
Getting pre-approved is important if you’re serious about buying a house or location. It’s a conditional commitment made by a lender that indicates a mortgage size you’re able to comfortably afford. Also, a qualified pre-approval will make you more aware of all the options available when buying real estate, as they are likely to be affordable.
At MortgagesToGo.ca, we help to make your pre-approval process easy by:
- Providing stress-free, no obligation, FREE pre-approval quote
- Easy and convenient way to get pre-approved over the phone with one of our Mortgage Strategist
- Highly-trained brokers are available to help you get the best mortgage rate and mortgage
- Best Interest Rates available
- Fast – We pride ourselves on providing fast and efficient pre-approval quotes to all our clients
To learn what to do to ensure your pre-approval process goes through smoothly, and you get the best mortgage rate and pre-approval, read our blog focusing on pre-approval.
Why do clients choose us over the banks?
- We put you first
- We help you save tons of money and stress
- We’re quick.We check with several different lenders (including your bank) to find the best mortgage rate and product , as a matter of fact, we communicate with a wide range of mortgage lenders and products through our brokers.
Then, your favored rate is held for up to 120 days, preventing you from experiencing any sudden rate increases. Now, you can browse for an agreeable location, knowing that your rate is safe.
Are you interested in the details of a mortgage? Check out our mortgage calculator!
Why Choose MortgagesToGo.ca? Among Our Advantages Is That We Specialize in Mortgages. We Specialize in Offering You Exceptional Customer Service. We’re Obsessed With Data-driven Customer Satisfaction. Its All About You Making An Extraordinary Financial Decision.
Our knowledgeable MortgagesToGo.ca brokers are friendly and helpful, and they are simply a call away for all of your mortgage needs. You can depend on them in the future.
What do we need in order to provide a full mortgage approval?
- The size of your down payment
- Your income
- Your debts
- Your employment history
- Your credit history
- The property’s value
- Your proof of identity
If you are wanting to show off a strong mortgage application, you will need these things:
A latest federal stress test rules, which may lower the amount of mortgage for which you’ll find financing.
Down Payment
The sum required for your downpayment can affect your loan approval. The metrics of the loan may be affected by the home value. If your downpayment is less compared to 20%, you will need a high ratio loan that utilizes a default insurance provider.
Income
A lender will look at how much of your income will be spent on housing, to decide what you can comfortably afford. If your dwelling payment represents a larger proportion of your income, you are more apt to have financial trouble doing this as a result of other expenses (such as cars, furniture, or home repair and maintenance). At the same time, if the housing expense takes a lower share of your income, you are more likely to experience monetary trouble because of these expenses.
When applying for a mortgage, a lender will also evaluate your ‘gross income’ (the money you earn before taxes, including commissions, dividends, and other sources of cash). They will search for a consistently growing history for these sources.
The lender will also examine your current housing expenses in comparison to your potential new home expenses. The smaller the rise, the simpler it’ll be to qualify for a mortgage.
Debt
Along with your income, a lender will review your outstanding debts, and will administer Gross Debt Service (GDS) and Total Debt Service (TDS) ratios so you can finance your monthly mortgage payments (test out our affordability calculator to get an idea of whether or not you can afford your mortgage payments). Your debts include your mortgage along with other debts you have.A housing expense ratio (Gross Mortgage Service or GDS) at most 39% (most often, the lower the ratio, the better)
A debt-to-income ratio (Total Debt Service or TDS) at most 44% (the lower the ratio, the better)
Proof of steady income (ideally, the same job for two years or longer)
Good credit standing (bills have been paid on time)
A home that the buyer is priced is worth the price the buyer is paying a downpayment reclaimed based on the home price
You must also qualify for th
Employment History
You don’t need to be rich to get a loan, but if you have been working steadily for a significant duration of time, then it will be easier to secure funding. Lenders will favor borrowers who have worked in a number of fields for years.
If you’ve been in your current job only a short while, getting a loan can be as simple as having recent monthly income.
Credit History
Financing your home traditionally requires having excellent credit. Banks test drive not only your capacity to pay back (i.e., your income relative to the money you owe), but also your capacity to pay back, which is ascertain by your credit score, a number that demonstrates how well you have paid your loans, credit card providers, and anything else you’ve got lent out.
You should have access to a copy of your credit report (before applying for a mortgage, if possible), so that you can look over its contents and make any error corrections if necessary.
Property’s Value
You have found the home of your dreams! Congrats! Our lender will want to see that you have the financial means to pay back the mortgage you’re requesting. The value of the home is the key indicator for the lender that you can repay the loan to them. If you do not repay the loan, the bank has rights to later sell your home to cover the loan.
Although a professional appraisal is important for financial security when buying a property, it’s an especially essential command before a home is sold, as it can assist you to pay off the loan balance, and perhaps make a profit.
Proof of Your Identity
Identity theft is a growing concern in both the United States and Canada for individuals and organizations. To help ensure that your identity is not being used in a case of identity theft, our knowledgeable MortgagesToGo.ca broker will ask to see an image of your ID. We may also ask you questions about your credit history to confirm the information you provided.
Get peace of mind and pre-approved) at the best mortgage rate. Wherever you are in Canada, you'll receive information on home financing that fits your requirements.
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