How To Increase Your Chances Of Getting A Canadian Mortgage

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How To Increase Your Chances Of Getting A
Canadian Mortgage
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• As a significant financial investment, purchasing
  a home is difficult for many people without a
  mortgage, and while there are no solid guarantees
  that youll be approved for the mortgage of your
  choice, you can take the following steps to give
  yourself the best chance of making it happen
• Keep a close eye on your credit report
• Lenders will always look at your credit report
  before determining whether you qualify for a
  loan, and at what rate. If you obtain your credit
  report every four months, you can keep a close
  eye on it to help improve your chances of success.

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• Make corrections to errors
• Theres always a chance that your credit rating
  has errors that might have a negative impact on
  your application, so be sure to take a close look
  at it and if you spot any, take steps to correct
  them.
• Give your credit rating a boost
• Summarizing your history of paying debts, your
  credit rating or score is the one figure that all
  lenders use to determine your level of risk, and
  likelihood of making timely payments on the loan.
  Simply put, the better your credit score is, the
  lower your mortgage rate is likely to be.

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• Lower your debt-to-income ratio
• A debt-to-income ratio enables you to compare
  your total debt to your total income, and its
  calculated by multiplying your monthly gross
  income by the total amount of recurrent debt you
  owe on a monthly basis. A healthy balance between
  debt and income is when your debt-to-income ratio
  is low, and 43 is typically the most you can
  have and still be able to qualify for a mortgage.
  High monthly expenses are likely to see you being
  turned down by lenders for a loan.
• How do you lower your debt-to-income ratio?
  Simply put buy less. Look at what youre
  spending your money on each month, and see if you
  can spend less anywhere.

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• Make your down payment as big as possible
• The bigger your down payment, the more confidence
  a lender will have in your ability to save well.
  With a large down payment and lower loan-to-value
  ratio, you dont just improve your chances of
  securing a mortgage loan, but youll receive
  lower rates of interest and have to make fewer
  payments over the loans lifespan.
• Making a down payment of at least 20 also means
  that you wont have to pay mortgage insurance. No
  mortgage is guaranteed, but by following the
  above steps and where appropriate, seeking advice
  from an expert mortgage broker, you can greatly
  improve your chances of getting a mortgage and
  securing your dream home.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is the best Calgary mortgage broker and is proud
  to serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for mortgage brokers in Calgary, with
  Luke Wile you can get fast and personal expertise
  for your mortgage!