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Homebuyers tend to borrow more money when applying for a mortgage loan. Lenders will want to know your existing debts and your ability to repay them. They will be looking at your debt-to-income (DTI) ratio, which shows the size of your debt versus your gross monthly income. Though all lenders have different requirements, most avoid lending money to applicants whose DTI ratio is above 43%. Paying off large debts before applying may improve your chances of getting approved for mortgage financing, and it will also be easier to pay for your monthly mortgage if you do not have other debts to settle.
The bottom line is, all you have to do is be honest if you want to get approved. Giving false information will not make your situation any better. Whether you are applying for a mortgage or not, you should be looking after your finances to be in a more powerful and well-established financial position in the future.
Saif Abdulah, one of the best mortgage brokers in Canada, can most definitely help you with all the processes in applying for mortgage loans and arranging you with the best mortgage lender. With his years of experience as a mortgage broker in Canada, he is the best bet to be in contact with. He is committed to delivering the best service and customer satisfaction.
We do business in the following areas in Canada:
Toronto, North York, Scarborough, Pickering, Oshawa, Ajax, Whitby, Etobicoke, Thornhill, Richmond Hill, Markham, Stouffville, Uxbridge, Vaughan, Concord, Woodbridge, Mississauga, Oakville, King City, Caledon, Nobleton, Milton, Aurora, Newmarket, East Gwillimbury, Keswick, Bradford, New Tecumseth, Georgina, Innisville, Guelph, Barrie, Ottawa, Orangeville, Collingwood, Kitchener, Hamilton, Cambridge, Waterloo, St. Catharines, Niagara Falls, London, Peterborough, and Ontario.