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Qualify For Mortgage With Good Or Bad Credit


qualify-for-mortgage.jpgHow to qualify for mortgage?

How to qualify for mortgage financing ?

"What is needed to qualify for mortgage in Hamilton Ont?" - a visitor to our website asks. 

Whether you need a Hamilton mortgage,  Burlington mortgage -- we serve clients throughout Ontario from Toronto to Niagara and beyond.

New mortgage features and options are being introduced every day so ask us for mortgage help. 

There is no need for you to struggle through volumes of details, trying to understand all the qualifying requirements - the different offers, rates, terms, features and hype.

Here are some tips:

When you have good credit - good income - 5% down payment

We'll make it fast and easy for you to qualify for mortgage. Our job is to get you a best interest rate and terms from the best mortgage lenders. You are considered by lenders an "A Client" and you qualify for the best the mortgage market has to offer.

We'll pull your credit to verify your expenses and confirm that there are no derogatory issues attached to your name. You provide us with proof of employment and income verification, and if you're buying a home, a Listing and an Offer to Purchase.

If you are salaried and past probationary period, we'll use all of your income to qualify. If you earn salary plus bonus, hourly, commissioned, hourly plus overtime -- we will need 2 years of your CRA Notice of Assessment. This is needed to average both years' revenues to come up with your annual income that can be used to qualify. If your income is hourly, we will use a 2 year average of your tax return income.

What if you DO NOT have a down payment but your credit and job are excellent?

We have lenders that allow borrowed money for down payment. The above rules apply at best interest rates. You can borrow money for a down payment but we have to add the monthly cost of your borrowed money into debt service calculations. This will reduce the amount of money you qualify for.

How to qualify for mortgage if this is your first time home buyer loan?

You get a bit of extra attention needed to help you make the right decisions. If you have good credit and income and qualify for Canada Mortgage and Housing Corporations insured mortgage, keep an eye on occasional first time home buyer grants. Regardless, you qualify for few extras such as a reduction on land transfer taxes and you can use your RSP's for down payment. 

Are you new to Canada?

How do we help our new Canadians get their first home mortgage? If you're a recent Canadian immigrant (less than 5 years) and have a full time job, this is your best time to buy a home. You can get a home buyer loans at 5% down payment. After 5 years you are treated same as any other Canadian mortgage applicant.

You're self employed no proof of income on your tax returns?

Unless your self employment income can be verified you will need a 20% down payment. In some cases, if the property is rural, in small townships, not winterized for year round use, without municipal services or there are other affecting issues, the lender may require as much as 35% down payment.

In those cases we can rely on an interest only second mortgage to make up for the shortfall.

There are several self employed mortgage categories that are designed to help self employed business owners. Each situation is unique and has to be custom fit to satisfy the lenders' policies.

How to qualify for mortgage if you have bad credit ?

Even if you have bad credit you have come to the right place. There are many reasons why good people get themselves over their head financially -- we feel you deserve another chance. By taking your application and verifying documents we can put together a correct bad credit mortgage strategy for you. 

In these situations, we look for opportunities to rebuild your credit and give you a fresh start. This may include a short term fix such as private mortgage lenders help.

Marie Copeland FSU, Hamilton Mortgage Broker

Top Stories

Credit reports and score help lenders to determine your credit worthiness.

First time buyer credits and tax incentives to help you buy your first home.

Helpful first time home buyer mortgage tips.

Self employed mortgage solutions for small business owners.

Interest only 2nd mortgage helps in many ways -- take a look.

We have bad credit home loans even if at first your situation seems impossible.

If you are looking for a mortgage you deserve an expert to make your application shine to the lender.

One conversation with me and you won't have to worry whether or not your mortgage will be approved.

Call 905.537.8815 and qualify for a mortgage, or

Banks and "A" Lenders pay us for your service. EXCEPT bad credit mortgages, some self employed mortgages, private mortgages or multi-use and commercial loans - broker fees are payable by clients. 

*Lenders change their products and interest rates without notice.

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