This past week the bank of Canada raised the Conventional 5-year mortgage rate from 5.14% to 5.34%. This results in a higher minimum qualifying rate for homebuyers going forward which ultimately means that borrowers are qualifying for less of a mortgage than they were able to earlier this year. Part of our function as your Mortgage Broker is to figure out ways to qualify you for the highest mortgage amount possible using some the following techniques:
· Deal with multiple lenders who view income differently so we match borrowers with the most suitable lender
· Review each homebuyers existing debt and suggest ways to lower debt serving ratios
· Manipulate mortgage payments to make them as low as possible as to increase the amount of mortgage to be qualified for
Contact Lotus Loans and Mortgages Corp. to qualify for the very highest mortgage amount possible so that you may reach your home buying goals!