Calgary Mortgage Brokers

623 views

Published on

Calgary mortgage broker helping people realize the calgary mo

Published in: Economy & Finance
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
623
On SlideShare
0
From Embeds
0
Number of Embeds
4
Actions
Shares
0
Downloads
2
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Calgary Mortgage Brokers

  1. 1. Trevor Hickey, B.A.<br />Mortgage Associate<br />Concord Mortgage Group Ltd.<br />#107 – 1905 Centre Street NW<br />Calgary, Alberta<br />t2e 2s7<br />Cell: (403) 860-8738Office: (403) 290-1990<br />Fax: 1-888-587-1426<br />Email: trevor@concordmortgage.ca<br />Website: http://www.MortgageBrokerCalgary.info<br />
  2. 2. Contents<br />General mortgage application & approval process<br />Basis for decision making that most lenders use<br />
  3. 3. General Overview of Application and Approval Process:<br />Application to broker<br />Verification of information<br />Application to lender<br />Approval<br />Funding<br />
  4. 4. Application to broker<br />ID<br />Contact information<br />Job information (past and present)<br />Assets (what you own)<br />Liabilities (what you owe)<br />Real estate owned<br />Mortgages/loans secured against the respective properties<br />Desired loan/mortgages<br />
  5. 5. Verification of information<br />Be honest<br />Some lenders dodge this step<br />
  6. 6. Application to lender<br />Calgary mortgage brokers ensure harmful data not given to lender<br />
  7. 7. Approval<br />If application & docs = lender guidelines = approval<br />
  8. 8. Funding<br />
  9. 9. Basis for Decision Making<br /><ul><li>TDS/GDS
  10. 10. LTV/Equity
  11. 11. Income stability
  12. 12. Credit</li></li></ul><li>TDS<br />Stands for “Total Debt Servicing/Gross Debt Servicing”. Here is where the private lenders compare your income to your required debts. <br />
  13. 13. How to calculate GDS<br />Income: $100,000.00/year<br />÷ 12 <br /> $8,333.33/month<br />Mortgage payment: $2,000.00/month<br />Property tax: $200.00/month<br />Total Debts: $2,200.00/month<br />GDS = $2,200.00 ÷ $8,333.33 = 26.4%<br />
  14. 14. How to calculate TDS<br />Income: $100,000.00/year<br />÷ 12 <br /> $8,333.33/month<br />Mortgage payment: $2,000.00/month<br />Property tax: $200.00/month<br />Credit cards: $350.00/month<br />Auto loans: $350.00/month<br />Total Debts: $2,900.00/month<br />TDS = $2,900.00 ÷ $8,333.33 = 34.8%<br />
  15. 15. LTV/Equity<br />
  16. 16. Income stability<br />Credit - http://www.mortgagebrokercalgary.info/mortgage/trevor-hickeys-free-credit-repair-manual/<br />
  17. 17. Thank You!<br />Trevor Hickey, B.A.<br />Mortgage Associate<br />Concord Mortgage Group Ltd.<br />#107 – 1905 Centre Street NW<br />Calgary, Alberta<br />t2e 2s7<br />Cell: (403) 860-8738Office: (403) 290-1990<br />Fax: 1-888-587-1426<br />Email: trevor@concordmortgage.ca<br />Website: http://www.MortgageBrokerCalgary.info<br />

×