Are you thinking of buying your first place soon but have no idea about what the mortgage process entails? Not to worry! Here is a basic guide to prepare you for the mortgage process and how you can make sure you score the mortgage loan of your dreams!

2. DOCUMENTATION
DOWN PAYMENT
CREDIT
SCORE
INCOME
GDS
TDS
&
NEWHOMEBUYER’SGUIDE
Meet Ted. He’s thinking of getting his own place soon, but has no
clue about the mortgage process. All he does know is that he wants
to get the best loan possible when the time comes!

3. NEWHOMEBUYER’SGUIDE
ASSET Verification
Bank statements
Investments
RSPs
DEBT Verification
Credit card and loan statements
Mortgage Statement
PROPERTY Verification
Purchase Agreement
MLS Listing
DOCUMENTATION
INCOME Verification
Pay stubs
T4’s
Any other form of income such as
child support, alimony, bonuses,
overtime, etc.
Notice of Assessments or Tax Returns

4. NEWHOMEBUYER’SGUIDE
20
DOWN PAYMENT
%
With 20% down you can save significant
money on insurance premiums.
Qualifying calculations can be
more favourable as well, so talk
to an expert who can show
you your options!
5%
Ideally you've saved up 5% of the purchase price from
your own resources. If you haven't, that's OK though.
We can talk to you about how gifts from relatives or
special borrowed downpayment programs may be
right for you
or more

5. NEWHOMEBUYER’SGUIDE
2years
The ideal mortgage borrower
has had the same job for over
INCOME
Yes! I’ve been at my job
for 2 and a half years!
*Less than 2 years? That’s ok; we have a mortgage program for you.

6. NEWHOMEBUYER’SGUIDE
SCORE
EXCELLENT
VERY GOOD
GOOD
FAIR
POOR
740+
680 - 740
620 - 680
580 - 620
>580
CREDIT
SCORE
Do you have a low score? Not to worry! A mortgage
professional can provide you tips on how to improve
your score.

7. GDS
TDS
NEWHOMEBUYER’SGUIDE
Household Expenses / Income
GROSS DEBT SERVICE
Total Expenses / Income
TOTAL DEBT SERVICE < 32%
< 40%
Income
Housing Expenses + Credit card interest +
Car payments + Loan expenses
Income
Mortgage payments + Property taxes +
Heating costs + Condo Fees (if applicable)
&