Everybody would agree that mortgages are complicated financial agreements and that not everybody understands the best way to successfully apply for one.

Experience while good, will never expose an individual to the finer points of mortgages so it is always advisable to seek some up to date expert advice.

In Canada, lenders use four main factors to access their risk and thus their willingness to provide mortgage funding. These factors are the property itself, your income, how much of a down payment you can provide and of course your credit history.

While rules vary from lender to lender generally the property must pass a home inspection from a reputable inspector and be suitable for the purpose for which it was purchased. It must have a resale value greater than the mortgage amount. It must also be insurable.

Being clever with a mortgage lender is never advisable. They have seen and heard of every trick in the book and they could teach most businesses a thing or two about due diligence with regards to knowing your customer. Honesty is always the best policy, especially being up front when answering questions regarding your ability to repay the mortgage.

Your credit history, while not needing to be perfect has to reflect that you are responsible with credit, have a good payment history for services you have subscribed to.

You are invited to discover a simpler way to renew your existing residential mortgage. Kelleway Mortgage Architects in Maple Ridge services the needs of residential mortgages in Metro Vancouver by providing exceptional service that simplifies the process.

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