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Typical Mortgage Qualifying Process

Basic Criteria:

1. 3 Year residence and employment history.
2. Permanent full time employment (need letter of employment and pay stub).
3. Permanent part time employment acceptable after one year.
4. Acceptable present and past credit history and habits.
5. Savings habits and net worth.

Debt Service Ratios:

1. Gross Debt Service (G.D.S.) =

   Principal, interest, taxes and heat allowance/gross income = 32%

2. Total Debt Service (T.D.S.) =

   P.I.T. & heat allowance plus monthly outside debts (credit cards,loans)/gross income = 40%

*** The Gross Debt Service allowed is 32% for all applicants.

Data to be provided by applicant:

1. Letters and year to date pay stub confirming employment, tenure and gross income. Self-employed individuals require 3 years tax returns and financial statements.
2. Proof of down payment from non-borrowed sources:
   (a) copy of bank statements for 3 consecutive months.
   (b) letter confirming family gift from a direct family member.
   (c) copy of R.S.P. or G.I.C.
3. Appraisal fee (usually $187.25) and C.M.H.C. underwriting fee ($75.00). Appraisal usually takes a few days. Or select the Emily option (appraisal fee and underwriting fee) for $235.00 and approval is done in 4 to 5 hours.

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