KEEP YOUR SAVINGS ...What do you want to do with your money? IT ADDS UP! You might not be aware that just a half of a percent savings on an average loan amount of $250,000 over a typical 25 year period saves you approximately $25,000. Keep your money! 
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Financing...If you're a first time buyer get a pre-approved mortgage before you start your housing search, .. A pre-approved mortgage lets you know how much money you qualify for, so you can shop in comfort. Review your current income and expenses. How much will your new mortgage add to your monthly expenses? Affordability...Our will lenders will determine your affordability by looking at your Gross Debt Service ratio (GDS) and your Total Debt Service ratio (TDS). Your GDS ratio is based on what you can afford to pay each month; it includes mortgage payments, taxes and heating. Maximum GDS ratio is 32%. The TDS ratio includes everything covered under GDS plus all your other financing obligations. Maximum TDS ratio is 37% (40% if it's CMHC). When you apply for a mortgage, you will need: ...1. Financial statements for the past three years as well as personal income tax returns if you are self-employed 2. A copy of the Real Estate Listing if buying an existing home 3. Confirmation that your down payment came from your own resources 4. A list of all your assets and debts 5.A salary letter from your employer 6.A copy of the accepted Offer To Purchase |
