Syndicate Mortgages Educates Homebuyers about Mortgage Self Assessment

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While the lenders have their own assessment criteria, borrowers must also learn to assess their payment abilities before applying for mortgage – CTO of Syndicate Mortgages

Marcus Arkan, CTO of Canada’s foremost mortgage brokerage, recently shared his valuable advice on the topic of mortgage self assessment for borrowers. Mr. Arkan, who frequently shares his opinions and insight regarding Canada mortgage rates and the housing industry, said it is the right time to educate borrowers before the market enters its peak spring season.

Mr. Arkan stated that the affordability of mortgage depends greatly on the financial standing of the borrower. However, he added, many borrowers fail to take into account several underlying factor that actually determine the feasibility of mortgage. “Knowing your financial situation is important because it helps you agree on terms and conditions that offer long term benefit and security,” he added.

Mr. Arkan shared his views in a recently published post on Syndicate Mortgages website. The very first financial factor described in the said post is borrower’s income. Lenders and banks also judge the borrower’s ability to pay off the mortgage on the monthly income and history of job stability. However, Mr. Arkan also suggests that borrowers with low or unstable income might be able to get good mortgage rates if they have savings in the form of money in the bank or assets.

Furthermore, Mr. Arkan emphasized the importance of analyzing the current debt situation before applying for mortgage. ‘’Currently, the Canada household debt is higher than ever. It can be in the form of credit card debt or student loan. The debt situation is getting worse and people who wish to apply for mortgage this season can just not overlook their personal debt to income ratio,” Mr. Arkan said.

Despite the negativity surrounding the housing industry, Mr. Arkan ensured that 2013 will remain a good year for buyers in Canada. However, he discouraged buyers to take mortgage regardless of their low credit score rating. “Low credit score is one of the most obvious signs to tell you that you won’t be able to pay mortgage,” he said, “some borrowers would love to offer you their services despite your low rating. They are actually baiting you for higher mortgage rates.”

In the end, Mr. Arkan advised borrowers to improve their credit rating and financial situation before applying for mortgage. To read more about Canada mortgage rates and mortgage finding tips, visit the website http://www.syndicatemortgages.com

About Syndicate Mortgages Inc.
Syndicate Mortgages Inc. is one of the leading Canadian mortgage brokerage firms. Founded in 2008 in Ontario, the company specializes in residential, commercial and construction financing across Canada. With years of experience and expertise in the mortgage industry, and access to an array of lending institutions across Canada, Syndicate is known for finding the best mortgage rates for their customers. Syndicate has branch locations across Canada. For contact, please use the following details.

Contact Details
Syndicate Mortgages Inc.
http://www.syndicatemortgages.com
Toll Free: (888) 646-1062
Email: info(at)smibroker(dot)com

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