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Why Get Pre-Approved?

The lender will also fix the interest rate, which is usually good for between 60 and 90 days – a few lenders will guarantee that rate for up to 120 days. And if a better rate promotion occurs during your fixed period, you will eligible for that as well.

It is likely the pre-approval will lead to a mortgage but there have been situations when this has not been the case. The best way for you to ensure success is to understand what the lenders look for and be prepared. Another way is to work with your mortgage broker who can flag any potential challenges and steer you toward the right lender to fit your particular situation.

First of all, a lender will determine your debt load through two simple calculations: Gross Debt Service Ratio (GDS) and Total Debt Service Ratio (TDS). Your GDS is your proposed housing costs, including mortgage payments, taxes, heating costs and 50 per cent of condo fees, if applicable and shouldn’t be more than 32 per cent of your gross monthly income. This can



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