Online mortgage application
Typical Mortgage Qualifying Process
- 3 Year residence and employment history.
- Permanent full time employment (need letter of employment and pay stub).
- Permanent part time employment acceptable after one year.
- Acceptable present and past credit history and habits.
- Savings habits and net worth.
Debt Service Ratios:
- Gross Debt Service (G.D.S.) =
Principal, interest, taxes and heat allowance/gross income = 32%
- Total Debt Service (T.D.S.) =
P.I.T. & heat allowance plus monthly outside debts (credit cards,loans)/gross income = 40%
*** The Gross Debt Service allowed is 32% for all applicants.
Data to be provided by applicant:
- Letters and year to date pay stub confirming employment, tenure and gross income. Self-employed individuals require 3 years tax returns and financial statements.
- Proof of down payment from non-borrowed sources:
(a) copy of bank statements for 3 consecutive months.
(b) letter confirming family gift from a direct family member.
(c) copy of R.S.P. or G.I.C.
- Appraisal fee (usually $187.25) and C.M.H.C. underwriting fee ($75.00). Appraisal usually takes a few days. Or select the Emily option (appraisal fee and underwriting fee) for $235.00 and approval is done in 4 to 5 hours.