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To obtain bank loan amount confirmation

Why must arrange in advance to the bank for the mortgage? The reason is to some extent, If property buyers hope to have a part of the purchase money loans from banks, Then the advance to obtain bank loan guarantee in fact is the first step of the plan to buy a house. If you don't make the bank loan guarantee, Property buyers are very difficult to conclude that he should look at his house in a what kind of price.

The bank loan guarantee is decided according to their income situation of buy a house. Banks in the loan amount is confirmed, At the same time will also confirm that the loan interest rate and term of the loan. This kind of bank loan guarantees for the general3Months effective, The bank promised to buy a house in the prescribed period if internal down their house, The bank must according to its commitment to provide loans. So if you buy a house can see in front of the house to get a bank loan guarantee

In Canada, The purchase of the first payment for the general25%Real estate prices, The rest can apply for loans from banks or other financial institutions. The amount of loans for personal financial situation and personal income. First consider the approval of loans to pay the mortgage, The total property taxes and utilities will not exceed the total family income 32%. Second consider the sum of all debt is generally not more than year of the family income40%. For example,If a family's annual income is$40000 Loan interest rates5%. Then the bank loan approved quota of about$206000. If in accordance with the75%Loan amount calculation, So the family could probably buy a price at$280000Around the house, Down payment for$69000So, the monthly repayment may$1230About. If a family's annual income is$60000, Loan interest rates5%. Then the bank loan approved quota of about315000. The family can buy a price at$420000Around the house, Down payment for$105000Monthly contributions, about $1830.

For new immigrants, If the new immigrants in Canada there is no fixed income, The bank is likely to new immigrants purchase down payment requirements for35%About65%The part of the bank loan. Since the down payment percentage increase, Increased risk from buyers take part, The bank will relax many of the new immigrants income requirements.

If property buyers income condition is good, Very stable, Just do not get25%Down payment, Some banks will allow buyers to pay only a minimum of5%Down payment, Rest95%Payment by bank loans. Of course, in this case, In order to prevent property buyers default, The bank will require property buyers to provide an additional loan insurance, In case of default risk brought about by the buyers. Loan insurance premium in the total loan amount0.75%To3.75%. Buy a house down payment and price depends on the proportion of. If a bank is all part of the loan price95%. The ratio of extra insurance for the loan3.25%. If a bank is all part of the loan price75%. The ratio of extra insurance for the loan0.75%.