
890 Short Street,
Victoria, British Columbia
V8X 2V5
Phone: 250-658-9315
Fax: 250-658-9316

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Mortgage Qualification
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Question:
How much of a down-payment do I need to qualify?
Answer:
Conventional mortgage - 20% or more of the determined home value.
High – Ratio Mortgage - Also known as an "insured mortgage" (with CMHC, Genworth or Canada Guaranty) for up to 95% of the determined home value. A fee is added to the mortgage amount.
Question:
How much income do I need to qualify?
Answer:
There are two criteria:
- Gross Debt Service Ratio- Your principal & interest + property taxes + heat annual payments total divided by your gross annual household income. This ratio must not exceed 39% of your gross annual household income.
- Total Debt Service Ratio- To the above totals, add payments on all other debts. This ratio must not exceed 44% of your gross annual household income. (Note: These are industry standards but some lenders may allow these ratios to be higher, usually at a premium price).
Use our handy calculator below to try different scenarios or feel free to call The Mortgage Centre - Island Properties to see how we can help you meet your mortgage needs.
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