How Mortgage Lenders Evaluate Applicants in Canada

How Mortgage Lenders Evaluate Applicants in Canada. Victoria Mortgage Case Study with a B Lender

How Mortgage Lenders Evaluate Applicants in Canada video duration 3 Minute(s) 29 Second(s), published by Yiannis Andreou on 10 01 2019 - 01:13:03.

Lenders use a detailed approach to evaluate the creditworthiness of a Mortgage Applicant
The credit score, the consistency of the repayment history, credit Is there any major interest rate different between A lender and the B lender? - Visit our website: https://www.nancyfong.ca/ .

The video focuses on the most important terms available on a mortgage of $1000000 via a B Lender
A mortgage with a B Lender allows the Applicants to This video covers the various products that B lenders offer including clients who are self-employed, low credit scores, etc The video focuses on the most important terms available on a mortgage of $1000000 via a B Lender
A mortgage with a B Lender allows the Applicants to .

Lenders use a detailed approach to evaluate the creditworthiness of a Mortgage Applicant. The credit score, the consistency of the repayment history, credit blemishes(Bankruptcy, Consumer Proposal, Judgment, Canada Revenue Tax Liens, Builder Tax Liens, Child Support in Arrears, Foreclosure) are extremely important to the Lenders. Furthermore, stability of Income(Salaried position with the Government vs Self Employment) and debt ratios further affect their final decision. Depending on the overall Financial Profile of an Applicant, the available Financing may come from an A a B or a Private Lender. The following analysis is valid as of January 9, 2019 as rates are subject to changes affected by the Overnight Rate of Bank of Canada(for Variable Rates) and by the Bond Market(for Fixed Rates). To give a clear example, if a client qualifies with an A Lenders for an $800,000 in Burnaby, BC the 5-year rate would currently be around 3.49% assuming a down payment of 5% and a 5-year term. If the Applicant's credit score was between 550-600, she would be able to receive an offer only from a B Lender with a minimum down payment of 20% a rate around 4.75% for a 3-year term. If the applicant's credit score is under 500, we would be looking at a rate around 7.95%-8.50% for an 1 or 2-year term with a minimum down payment of 25%. No Lender or Broker fees apply for Prime(A) Lending financing. Lender and broker fees apply in B and Private Lending due to the impaired credit of the applicants and details can be found on my website.