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✍🏼When a lender is doing calculations, they will use the Gross Debt Service Ratio and the Total Debt Service ratio. Lend...
06/21/2021

✍🏼When a lender is doing calculations, they will use the Gross Debt Service Ratio and the Total Debt Service ratio. Lenders will use these calculations to figure out the total percentage of annual earnings you can efficiently use to pay off any outstanding debts you have. They also use it for calculating if you’ll be able to qualify for loans you might be interested in applying for.

GDS and TDS calculations are fairly straightforward and easy to do for yourself, and they are very useful in managing your finances.

❓What Are The Calculations?
Many lenders will use a GDS and TDS calculator when they are doing calculations for a GDS mortgage and other large purchases.

➕To calculate the GDS in Canada, you’ll use the following formula:
Yearly mortgage payments + property taxes + heat / gross family income.

➕To calculate a TDS mortgage, you’ll use the following formula:
Yearly mortgage payments + property taxes +  heat + outstanding debts / gross family income.

💲The majority of lenders typically let the GDS and TDS ratio reach between 39% to 44%. If you’ve had issues with credit in the past, then the ratios for each of them will be lower.

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca to get started! 

❓A lien on a property can be thought of in the same way as a lien on a vehicle. Some people are able to use a lien in or...
06/16/2021

❓A lien on a property can be thought of in the same way as a lien on a vehicle. Some people are able to use a lien in order to gain more purchasing power.
There are certain liens out there that some people might not agree to be in

🏡 One such lien is a builder’s lien. Many construction companies have a builder’s lien set in place so that they know they will be receiving payment after their job is complete. In terms of tax liens, these are also involuntary and occur if a homeowner isn’t able to pay all of the property taxes on time.
Before you go and purchase a home, you’ll want to conduct an in-depth search on the home to see if there is a lien on the home. After any outstanding debt is paid on the home, the lien will disappear and you will be on safe grounds to make the purchase.

💲Educating yourself on all of the details surrounding a lien will ensure you’ll be at greater peace of mind making purchases that contain liens.

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca/ to get started! 

If you are experiencing difficulty while qualifying for a conventional mortgage, you might be tempted to consider applyi...
06/08/2021

If you are experiencing difficulty while qualifying for a conventional mortgage, you might be tempted to consider applying for a private mortgage. As previously mentioned, a private mortgage is a type of loan you can get from a third party lender when you have not been able to qualify with a traditional lender🏡

Since private mortgages are given to borrowers who have bad credit, low income, no income, or hard-to-prove income, these borrowers appear to be a more risky investment. As a result, lenders usually ask for higher interest rates, and private mortgage loans typically have additional fees. Despite these costs, many people benefit greatly from private mortgages📈

Before you can decide whether a private lender is the right lending solution for you, it is important to understand the major advantages that can come with a private mortgage loan, specifically Mortgage Assist👍🏼

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca/ to get started! 

Due to the mortgage lending process all being done digitally, potential homeowners have required much more support and c...
05/31/2021

Due to the mortgage lending process all being done digitally, potential homeowners have required much more support and communication to streamline the process and create a smoother workflow💻

If the mortgage industry didn’t move to a digital workflow in 2020, it would have ended up in shambles. Without it, no mortgage applications could have been filled out because it would have gone against government regulations in terms of social distancing. Online applications rapidly increased the amount of business that mortgage lenders were involved with📈

One person in the industry stated that underwriting a mortgage has become very difficult due to the number of things that need to be done in person. The house requires an appraisal, notarization needs to be done, and a bunch of document signing is necessary to seal the deal.
Mortgage lenders are basically taking the digital approach on a day-to-day basis and learning as they go. Some borrowers have noted that getting mortgage approval has actually been tougher in spite of the digital workflow. This isn’t entirely because things have shifted towards digital. Lenders are just unsure of the risks that the pandemic will cause. With so many people losing jobs or having pay cuts, lenders are hesitant to give out loans🏡

Lenders have been double-checking on people borrowing money and making sure they are still employed when the time gets closer for them to sign off on all of the documents.
Subprime mortgage rates have attracted many borrowers in purchasing new homes, and speaking with your mortgage lender is the best way to get started because of all of the different changes that have resulted from the pandemic✔️

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca/ to get started! 

Happy Victoria Day from the Mortgage Assist Team!🍁👑
05/24/2021

Happy Victoria Day from the Mortgage Assist Team!🍁👑

Signing on the dotted line for your first mortgage agreement can sometimes be intimidating. There are some questions to ...
05/17/2021

Signing on the dotted line for your first mortgage agreement can sometimes be intimidating. There are some questions to ask a mortgage lender that you need to be aware of so that you’re fully informed on everything that the mortgage entails. Mortgage rates are one of the mortgage questions that should be on your list of things to ask. When it comes to mortgage lender questions, there is no dumb question❌

Home investment is one of the biggest purchases that people typically make in their lives, so it makes sense to want to understand it. If you’re confused in any way about your mortgage, Mortgage Assist contains a full team of dedicated agents that can help you along the way to securing your first mortgage. Many people simply don’t understand or know what it takes to progress towards the path to owning a home. The mortgage assistance program is built for people such as these. Not everyone was graced with a life where they were able to keep up a perfect credit rating. If you’re in that boat, then Mortgage Assist is the place to consult with✔️

When most people go to purchase a car, they want to learn everything they can about the car. They want to know if it has all-wheel-drive, how much horsepower it has, the technology features, and so on. A mortgage should be treated the same way. For such a large chunk of money coming out of your monthly salary, it’s best to know what to ask a mortgage lender when it comes time to visit with one💰

Here is a list of mortgage questions that you should keep in mind when speaking with your lender!

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca/ to get started! 

When people are browsing the real estate market, they might hear that it’s a buyer’s market or a seller’s market, among ...
05/10/2021

When people are browsing the real estate market, they might hear that it’s a buyer’s market or a seller’s market, among many other complicated terms they probably haven’t heard of before. Is it a good time to buy a house? This question is probably the number one question that real estate agents hear from prospective homebuyers. No one wants to make a home purchase when the real estate market is doing terribly. The same thing goes with mortgage rates. If the current mortgage rates you’ve been offered aren’t appealing, then that could play a role in your decision to purchase a home🏡

Mortgage Assist has a team of dedicated mortgage agents that are there to answer all of your questions, including the best time to buy a house in Toronto or wherever else you’re looking into. They can also fill you in on the mortgage assist program. Many people think that if they have a bad credit score, they’ll never be able to even be considered for a mortgage💰

Sometimes it’s nearly impossible to predict what will happen in the real estate market, and that’s more evident than ever before since the start of COVID-19. Many people have dealt with the crushing blow of job loss and faced the added stress of not knowing if they’ll even be able to pay their bills. It’s no surprise why people might be asking when is a good time to buy a house⁉️

Even though some people were able to successfully purchase a home amidst the pandemic, other people have lost out on purchases. Others have also had to put their homes up for sale just to make ends meet. As a result of everything going on, it’s good to take a step back and look at the current real estate market to really get a firm grasp of what’s going on📈

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca/ to get started! 

If you’re a first-time homebuyer and are actively researching the real estate market and perusing mortgage rates in an e...
05/03/2021

If you’re a first-time homebuyer and are actively researching the real estate market and perusing mortgage rates in an effort to buy a new home, you might have seen some mortgage myths that weren’t entirely accurate during your research. If you have been unlucky enough to see mortgage myths and are even more confused now than ever before, Mortgage Assist has a dedicated team of mortgage agents and brokers that can guide you off the crooked path of those myths and into the straight path✔️

The route to homeownership isn’t always an easy one, and the team at Mortgage Assist recognizes that. Inquire about the mortgage assist program to learn more about the many advantages it has to offer🏡

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca/ to get started! 

Private lenders do business a little bit differently than common financial institutions. They know the real estate indus...
04/26/2021

Private lenders do business a little bit differently than common financial institutions. They know the real estate industry and know that a lot of decisions in that industry require a certain amount of risk. This risk isn’t something that a traditional financial institution might be comfortable with. Private lenders view the negotiations a little bit differently, as well and as a result, they go above and beyond in making sure your real estate needs are satisfied.

To learn more about who we are and what we do, call 📞647-251-7707 and visit our website at mortgageassist.ca to get started! 

When you visit your mortgage lender, one of the major questions they’ll ask you is how much of a down payment you’re com...
04/19/2021

When you visit your mortgage lender, one of the major questions they’ll ask you is how much of a down payment you’re comfortable with making on the home. Your reply will give them a better understanding of the amount of money they’ll be able to loan you and the mortgage that would be most suitable for you. How much should I put down on a house? This is an important question that you should discuss with your lender. They will be able to guide you in the right direction in the best way possible. If you decide to make the smallest down payment that you possibly can, you’ll incur higher interest and other fees throughout the duration of the loan. If you leave too large of down payment, it could have a negative impact on the rest of your finances💰

In addition to the down payment, you’ll also still have to keep in mind that you’ll be dealing with the closing costs, monthly payments outside of just the mortgage, and moving costs for moving where you are now to the newly purchased home. At the end of the day, how big of a down payment you make will boil down to how much money you have saved, your current income levels, your overall monthly budget for the home🏡

One major thing you need to ask yourself is how much of an impact will a large down payment have on the rest of your financial security. Asking yourself this question and looking at your monthly budget will give you a better idea of how much you can comfortably offer. Using a mortgage calculator is a helpful tool in figuring out what your mortgage payments are from month to month💲

The standard down payment used to hover around 2️⃣0️⃣%, but a lot of people currently only give a down payment of around 5️⃣%, or even under that.

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