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JIMMY KWON & LISA YUN DOMINION LENDING CENTRES
Cell:  604-808-1050        
What lenders look at for qualification​
  1. Down payment (normally 5% minimum down payment)
  2. Employment (length of ability and guaranteed income).
  3. Property itself (need to be satisfied with the property)
  4. Credit
            Character (integrity), Capacity (sufficient cash flow to service the      
            obligation), Capital (net worth), Collateral (ie down payment), and   
            Conditions (overall strength of the borrower)
For self employed applicants lenders normally use a 2 or 3 year average of self employed income as per line 150 on the income notice of assessment as long as the most current year is the highest income.​

Lenders rely on two standard measures of one's "ability to pay" their mortgage: 
  1. Beacon <680       Maximum Gds 35% / Maximum Tds 42%
  2. Beacon 680+       Maximum Gds 39% / Maximum Tds 44% 

Gross Debt Service (Gds):  The percentage of the borrower’s income that is needed to pay all required monthly housing costs (mortgage payments, property taxes, heat and 50% of condo fees).

Total Debt Service (Tds):  The percentage of the borrower’s income that is needed to cover housing costs (GDS) plus any other monthly obligations that an individual has, such as credit card payments and car payments.

The information and services offered on this Site are provided with the understanding that neither Dominion Lending Centres Inc., nor its suppliers or users are engaged in rendering legal or other professional services or advice. Although we strive for accuracy, timeliness and completeness, information quoted is not guaranteed and may change at any time and the information you obtain at this site is not, nor is it intended to be, legal advice.  If you require specific advice regarding your own situation please contact me for consultation.