Referring You to Tried & Trusted Home Experts
As experienced mortgage professionals, we have built relationships with several home professionals over the years who we trust and are confident in referring our clients to. As you progress in the home buying process, you may find yourself requiring the services of different home experts, but may not be sure who to contact. Our brokers at Atlas Mortgage Group can connect you with expert professionals that you may require during your home buying process including but not limited to:
- Realtors®
- Lawyers
- Insurance Brokers
- Home Inspectors
- Appraisers
- Property Managers
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.