calgary mortgage brokers
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Calgary mortgage broker helping people realize the calgary moTRANSCRIPT
Mortgage AssociateConcord Mortgage Group Ltd.#107 – 1905 Centre Street NWCalgary, Albertat2e 2s7Cell: (403) 860-8738Office: (403) 290-1990Fax: 1-888-587-1426Email: [email protected]: http://www.MortgageBrokerCalgary.info
Trevor Hickey, B.A.
Contents
• General mortgage application & approval process
• Basis for decision making that most lenders use
General Overview of Application and Approval Process:
• Application to broker• Verification of information• Application to lender• Approval• Funding
Application to broker
• ID• Contact information• Job information (past and present)• Assets (what you own)• Liabilities (what you owe)• Real estate owned• Mortgages/loans secured against the respective
properties• Desired loan/mortgages
Verification of information
• Be honest• Some lenders dodge this step
Application to lender
• Calgary mortgage brokers ensure harmful data not given to lender
Approval
• If application & docs = lender guidelines = approval
Funding
Basis for Decision Making
TDS/GDS LTV/Equity Income stability Credit
TDS
• Stands for “Total Debt Servicing/Gross Debt Servicing”. Here is where the private lenders compare your income to your required debts.
How to calculate GDS
Income: $100,000.00/year÷ 12$8,333.33/month
Mortgage payment: $2,000.00/monthProperty tax: $200.00/monthTotal Debts: $2,200.00/month
GDS = $2,200.00 ÷ $8,333.33 = 26.4%
How to calculate TDS
Income: $100,000.00/year÷ 12$8,333.33/month
Mortgage payment: $2,000.00/monthProperty tax: $200.00/monthCredit cards: $350.00/monthAuto loans: $350.00/monthTotal Debts: $2,900.00/month
TDS = $2,900.00 ÷ $8,333.33 = 34.8%
LTV/Equity
• Income stability• Credit -
http://www.mortgagebrokercalgary.info/mortgage/trevor-hickeys-free-credit-repair-manual/
Mortgage AssociateConcord Mortgage Group Ltd.#107 – 1905 Centre Street NWCalgary, Albertat2e 2s7Cell: (403) 860-8738Office: (403) 290-1990Fax: 1-888-587-1426Email: [email protected]: http://www.MortgageBrokerCalgary.info
Trevor Hickey, B.A.
Thank You!