Getting Approved for a Mortgage

What is considered when a lender is looking at your mortgage application? 

Income and Job stability

Your income determines how much you may borrow. 32% of your gross income for salaried, non-self-employed or commission persons is used to determine how much you can borrow to cover the cost of the mortgage payments, taxes, and any applicable maintenance. All other debts i.e.: car loans, credit cards etc., must not exceed and additional 8% of your gross income.

Credit History

Your credit may show that you pay your bills on time. If not, you may still be approved but the interest rate may be higher than expected.


What you need to supply the lender:

- Income confirmation for salaried persons. Letter of employment and most recent pay stub.

- Down payment confirmation

- Contract of purchase and sale, this is a copy of the accepted offer of the home you intend to purchase and a copy of the MLS® listing sheet.

For more information regarding a Mortgage, please visit www.mybcmorgages.com