Getting You the Best Mortgage Products & Services
We have access to hundreds of reputable lending institutions to provide you with more options – and the best mortgage products to suit your needs. Below are just a few of the institutions and associations we work with.
A down payment is the amount of money you need to put down on your new property. The ideal down payment for purchasing a home is 20%, however you can purchase a property with as low as 5%. It is important to note that any potential buyer with less than a 20% down payment MUST purchase default insurance on the mortgage. If your down payment is coming from funds of your own, then a history on all funds must be submitted with your mortgage application. If your down payment, or a portion of your down payment is a gift from a family member, a signed gift letter is required.
One of the key factors lenders consider when assessing whether or not you are a good candidate for a mortgage loan, is your credit score. Your credit score is a measure of your financial health, and shows lenders their level of risk if they lend you money. Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower, especially if you are putting under 20% down. If you are struggling with credit score issues, there is also the option of going with a B lender. If you're unsure of your credit score, reach out to Atlas Mortgage Group to discuss your options.
The affordability of your mortgage is dependent on two ratios: Gross Debt Service (GDS): Your GDS is the amount the home will cost you on a monthly basis. It includes your mortgage payment, heat, property taxes, and condo fees if applicable. The total GDS should not exceed 39% of your gross monthly income. Total Debt Service (TDS): Your TDS is the combination of both GDS and any other debts you have including: loans, lines of credit, credit cards etc. The total TDS should not exceed 44% of your gross monthly income.