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How to Qualify for a finance mortgage loan - with a "Grade A" lender

This is an article that can tell you how to qualify for a finance loan with one of The Mortgage Store Online's "Grade A" lenders.

First off - what's a "Grade A" lender? It's an institutional lender (like a bank or trust company) that offers the lowest rates for your finance mortgage-loan. So it'd be good to know how to qualify for a finance loan with a lender like that, wouldn't it?

Have Good debt servicing to get a finance loan from a Grade A lender

The main thing you need to qualify to get your finance mortgage-loan from a "Grade A" mortgage-lender - is to have "good debt servicing." What's debt servicing? Ok, here it goes.

Debt servicing is made up of 2 parts: "Total Debt Servicing" (or "TDS") and "Gross Debt Servicing" (or "GDS").

What "Total Debt Servicing" (TDS) is

What's TDS? TDS is the percentage of your income that you put towards your living costs each year. So it's the percentage of your income each year that you put towards any mortgages you already have, and any credit cards, bank loans and car loans you might have, as well as any property taxes you're currently paying for any mortgages you have right now.

What "Gross Debt Servicing" (GDS) is

GDS is the percentage of your income that you'll put towards actual payments on the new finance-mortgage-loan that you're getting. So it's the percentage of your income that you'll be using each year to put toward your finance-mortgage payments, any property taxes you'll pay on your new home property and any condo-fee you'd have to pay.

What percentage your TDS needs to be

In order for you to qualify for a finance mortgage-loan with one of The Mortgage Store Online's "Grade A" lender's, you'd want your TDS to either be exactly equal to or less than 32%.

That means, if you made $100,000 a year, you can't have more than $32,000 each year going towards any mortgages you already have, and any credit cards, bank loans and car loans you might have, as well as any property taxes you're currently paying for any mortgages you have right now.

What percentage your GDS needs to be

As well, in order for you to qualify for a finance mortgage-loan with one of The Mortgage Store Online's "Grade A" lender's, you'd want your GDS to either be exactly equal to or less than 40%.

That means, if you made $100,000 a year, you can't have more than $40,000 each year going towards your new finance-loan payments, any property taxes you'll pay on your new home property and any condo-fee you might have to pay.

Conclusion

In order to find out your GDS/TDS percentages - contact one of The Mortgage Store Online's brokers by calling them at 1-866-880-2577. By filling out a mortgage application for you, they can let you know if you debt service and qualify for a finance-loan from a Grade A mortgage-lender.

Get a finance mortgage loan: you can apply online!

Find out more information about finance-article topics, by contacting The Mortgage Store Online's brokers. Just use the finance contact form or call them at 1-866-880-2577.

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