Everyone tells you that getting a great deal on your mortgage comes down to a great credit rating and score.

1. Why Can’t I Get a Mortgage If I
Have Great Credit?
VERICO The Financial Forum Ltd.
7500 Martin Grove Road, Unit 7, 2nd Floor,
Vaughan, Ontario, L4L 8S9, Canada
http://www.thefinancialforum.ca/

2. VERICO The Financial Forum Ltd.
7500 Martin Grove Road, Unit 7, 2nd Floor,
Vaughan, Ontario, L4L 8S9, Canada
http://www.thefinancialforum.ca/
Everyone tells you that getting a great deal on your mortgage
comes down to a great credit rating and score. This is a great
thing to have and maintain, no doubt. However, it isn’t the only
thing that lenders will review.
In fact, even if you have a bad credit rating, you can still get a
mortgage.

3. VERICO The Financial Forum Ltd.
7500 Martin Grove Road, Unit 7, 2nd Floor,
Vaughan, Ontario, L4L 8S9, Canada
http://www.thefinancialforum.ca/
Debt-to-Income Ratio
What may be surprising to most is which of the above factors is
most often the cause of a turn down. It’s not credit scores and
not even down payment. It’s your Lending Ratios – GDS – Gross
Debt Service Ratio and TDS – Total Debt Service Ratio. This is the
number one concern factor that is viewed when underwriting
your mortgage application.

4. VERICO The Financial Forum Ltd.
7500 Martin Grove Road, Unit 7, 2nd Floor,
Vaughan, Ontario, L4L 8S9, Canada
http://www.thefinancialforum.ca/
Cash in the Bank
Buying a home comes with many costs you need to pay for on top of
the down payment, including closing costs, insurance premiums and
taxes. Be ready to show you have these funds available or to show
that you can have them available by closing.

5. VERICO The Financial Forum Ltd.
7500 Martin Grove Road, Unit 7, 2nd Floor,
Vaughan, Ontario, L4L 8S9, Canada
http://www.thefinancialforum.ca/
Past Credit History
You may have great credit, however, if there were issues in
the past, they may still appear on your credit report. If you’ve
previously been a homeowner, were the mortgage payments
made on a timely basis? If there were any issues in the past,
provide an explanation and how you mitigated the issues.
Leaving them swept under the rug is not the best answer as
if they do come up, it is more difficult to explain after the
fact.

6. Thank You
VERICO The Financial Forum Ltd.
7500 Martin Grove Road, Unit 7, 2nd Floor,
Vaughan, Ontario, L4L 8S9, Canada
http://www.thefinancialforum.ca/