Mortgage AssociateConcord Mortgage Group Ltd.#107 – 1905 Centre Street NWCalgary, Albertat2e 2s7Cell: (403) 860-8738Office: (403) 290-1990Fax: 1-888-587-1426Email: trevor@concordmortgage.caWebsite: http://www.MortgageBrokerCalgary.info

Trevor Hickey, B.A.

Contents

• General mortgage application & approval process

• Basis for decision making that most lenders use

General Overview of Application and Approval Process:

• Application to broker• Verification of information• Application to lender• Approval• Funding

Application to broker

• ID• Contact information• Job information (past and present)• Assets (what you own)• Liabilities (what you owe)• Real estate owned• Mortgages/loans secured against the respective

properties• Desired loan/mortgages

Verification of information

• Be honest• Some lenders dodge this step

Application to lender

• Calgary mortgage brokers ensure harmful data not given to lender

Approval

• If application & docs = lender guidelines = approval

Funding

Basis for Decision Making

TDS/GDS LTV/Equity Income stability Credit

TDS

• Stands for “Total Debt Servicing/Gross Debt Servicing”. Here is where the private lenders compare your income to your required debts.

How to calculate GDS

Income: $100,000.00/year÷ 12$8,333.33/month

Mortgage payment: $2,000.00/monthProperty tax: $200.00/monthTotal Debts: $2,200.00/month

GDS = $2,200.00 ÷ $8,333.33 = 26.4%

How to calculate TDS

Income: $100,000.00/year÷ 12$8,333.33/month

Mortgage payment: $2,000.00/monthProperty tax: $200.00/monthCredit cards: $350.00/monthAuto loans: $350.00/monthTotal Debts: $2,900.00/month

TDS = $2,900.00 ÷ $8,333.33 = 34.8%

LTV/Equity

• Income stability• Credit -

http://www.mortgagebrokercalgary.info/mortgage/trevor-hickeys-free-credit-repair-manual/

Mortgage AssociateConcord Mortgage Group Ltd.#107 – 1905 Centre Street NWCalgary, Albertat2e 2s7Cell: (403) 860-8738Office: (403) 290-1990Fax: 1-888-587-1426Email: trevor@concordmortgage.caWebsite: http://www.MortgageBrokerCalgary.info

Trevor Hickey, B.A.

Thank You!