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Here is a fact, in order to get the lowest available rates you qualify for, your application must be  filled out EARLY and CORRECTLY in the  home buying process!

Mortgage Calculations

Let me explain why those 2 factors are the key to getting the best rates.

Credit bureaus are trusted by lenders to demonstrate an individuals ability and willingness to pay their debts.  Experts say that approximately 25% of credit reports contain serious errors; and as many as 79% contain some type of error.  Since approvals and rates depend on your credit score a couple of points may disqualify you or raise your interest rate if you are close to the banks minimum guidelines. An early pre-approval involves a credit bureau check that can identify these errors or problems and with enough time they can be repaired before your bureau has to be submitted for lender approval.

Source of down payment is another big deal for the lenders. Canada’s Anti Money Laundering guidelines mandate that all sources of down payment on a purchase be vetted by the lender.  Whether your down payment money is in your mattress or coming from out of the country don’t wait till closer to closing to get your ducks in a row.  Often 90 days account history is needed to verify the funds are actually yours! Your Mortgage Agent will ask right away where the down payment is coming from and they can council you on the steps you must take to show the lenders that it is not coming from suspicious sources.

If you find that you may be falling short in one or two other places don’t despair, there are programs out there to help you get into a home, the drawback may be a higher rate. These programs often are set up for 1 or 2 years, enough time to get back on track and re-apply at that time for the “Triple A” lending rates. A qualified Mortgage Agent has the tools and experience to evaluate your unique situation from as early as the point you first decide you want to buy a home. Contact one before you make any other plans as they can evaluate and advise you on how the above risk factors can be managed. In some cases a few months of preparation can save your approval or thousands in mortgage payments over your mortgage term!

If you have any questions, feel free to call or email me. I will be happy to help you in this most important of home buying processes.


Katerina Papas

President, Mortgage Express Canada  905 – 709 – 3020

About MEC

Irrespective of whether you have never taken out a mortgage or whether you are simply concerned about knowing enough to protect yourself and your family we’re here to help and guide you through all your financial and mortgage decisions.

With over 25 years of mortgage experience, MEC brings a wealth of knowledge and understanding that will help you save time and money.  Our success stems from our commitment to people just like you, our valued customers.

We service all of South Western Ontario – GTA, Richmond Hill, Thornhill, Markham, Aurora, Mississauga, Burlington, Hamilton, Niagara Falls, Kitchener-Waterloo, Cambridge, London, and Windsor.

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Trademarks owned or controlled by The Canadian Real Estate Association. Used under license.

The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale or lease of real estate and may not be used for any commercial purpose or any other purpose.

Information is deemed reliable but is not guaranteed accurate by TREB.

Toronto Real Estate Board - IDX Last Updated: 8/20/2018 6:30:15 AM