Office (Re/Max): (905) 476-4111
Cell Phone: (289) 221-2112
Mortgage Agent - Lic. #10409
Fax Machine: 1 (905) 656-6560
To qualify for a
mortgage, is to determine whether or not a lender will finance your home, and
if so, how much money they will lend you. Your mortgage agent will fill out an
application which will require them to ask you for personal and financial
information. There are three main categories of qualification: Credit,
Income, and Assets/Liabilities.
Credit - (Names, Birthdays, Social
Insurance Numbers, Addresses etc.). This information is used to
confirm your identity and to pull a full and accurate credit check. Your
credit score, history, balances and payments will all factor in to
how much you can qualify for, just like any other loan. The higher your score,
and the less debts you have, the better.
Income - (Employer, Job
Position, Time at Job, Yearly Income, Previous Employment). This information
will be used to determine how much money you can afford to pay per month
towards your mortgage, and how stable your income is. Later, your mortgage
agent may also ask you for pay stubs, job letters, etc. to prove this
information to the lender.
Assets & Liabilities - (Account
Balances, RRSP, Vehicle Type/Year, Credit Cards, Loans) Assets are needed so
that lenders can get a better understanding of the clients financial situation.
The agent will ask you for your liabilities, even though they will be listed in
your credit check, just in case there is an error on the bureau.
Once all this information is
collected, your agent will better understand your situation and be able to find
a lender that suits your needs.