Astra Mortgage Astra Mortgage

Before pre-approving your mortgage, a lender will look at your current assets like what do you own, your income and your current level of debt.

You’ll need to provide your lender or mortgage broker with your identification number, proof of employment, proof or assurance that you can pay for the down payment and closing cost, information about your additional assets, such as a car, cottage or anything that may help you get a mortgage.

Lender will discuss and would like you to share information about your debts or financial obligations, your future plans and your career goals.

For proof of employment, your lender or mortgage broker may ask you to provide:


proof of current salary or hourly pay rate (for example, a current pay stub and a letter from your employer)

your position and length of time with the organisation

Notices of Assessment from the Canada Revenue Agency for the past two years, if you're self-employed


For proof you can pay the down payment, your lender or mortgage broker may ask you to provide recent financial statements from bank accounts or investments.

Your debts or financial obligations may include:


credit card balances and limits, including those on store credit cards

child or spousal support amounts

car loans or leases

lines of credit

student loans

other loans



Astra mortgage is one of the finest mortgage brokers in British Canada covering the entire area of Greater Vancouver Region. Visit us as astramortgage.com or find us on Facebook or Instagram and write a message to us. We look forward to help you reach your dream home.

If you are serious about purchasing a home in Canada, feel free to connect with us for a free consultation by just typing ‘Free Consultation’ on our Facebook Chat or visit our website at astramortgage.com


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It is one of the most common questions by the first home buyers. Where to get a mortgage from? or how to apply for a mortgage? This post will help you understand the major mortgage providers out there.

Mortgages are available from several types of lenders, such as:


banks

mortgage companies

insurance companies

trust companies

loan companies

credit unions


Different lenders may have different interest rates and conditions for similar products. Talk to several lenders to make sure you’re getting the best mortgage product for your needs.

Although you may decide to switch lenders later, it’s important to be comfortable with the lender and the mortgage options they offer you right from the start. If you switch lenders after signing your mortgage contract, your lender may charge you a prepayment penalty. Make sure you understand the terms and conditions of your mortgage contract.

You can also consult a mortgage broker. Mortgage brokers don’t lend money directly to you. Mortgage brokers arrange transactions by finding a lender for you.

Some lenders only offer their products directly to borrowers, while some mortgage products are only available through brokers. Since brokers have access to a number of lenders, they may give you a wider range of mortgage products and terms to choose from.

Mortgage brokers don’t all have access to the same lenders. This means the available mortgages vary from broker to broker. When you’re considering a mortgage broker, ask which lenders they deal with. This also helps you establish trust in the mortgage.

Mortgage brokers generally don’t charge fees for their services. Instead, they usually receive a commission from the lender when they arrange a transaction.

Astra mortgage is one of the finest mortgage brokers in British Canada covering the entire area of Greater Vancouver Region. Visit us as astramortgage.com or find us on Facebook or Instagram and write a message to us. We look forward to help you reach your dream home.


If you are serious about purchasing a home in Canada, feel free to connect with us for a free consultation by just typing ‘Free Consultation’ on our Facebook Chat or visit our website at astramortgage.com


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Send in a voice message: https://podcasters.spotify.com/pod/show/astra-mortgage/message

Canada is one of the most welcoming countries on the planet with a great lifestyle and numerous opportunities for career and wellbeing. If you are already here, you might be interested in buying a house in Canada, here are some tips for you.
Just a quick note before the tips, you can connect with us directly on Facebook chat or the link in the description for details.

Tip #1
Compare how much you currently spend on expenses and debt payments with the amount you have saved or invested. This will help you identify, how much money would you be spending on these expenses for a long period. Keep in mind, if you invest in shares or bonds or likewise, the returns may vary according to the market situation.

Tip #2
Figure out how much can you afford to spend on housing each month without risking your financial health? In order to own a house, you may want to buy a mortgage and depending on your current income sources you will have a recurring sum of money to repay your mortgage. This should not risk your further goals keeping in account your health, any untoward conditions and your savings.

Tip #3
Find how much do you pay for the down payment. Generally, you need to pay about 5% of the total mortgage value of the house you want to purchase. This depends on the amount you are willing to pay as a down payment and your historical credit score.

Tip #4
Recalculate how much would you be spending each month with homeownership expenses added to your current financial situation. Calculate the sum you would have to pay if the mortgage is approved and the monthly instalments add up to your current financial situation. Your banks or lenders will consider this before they approve the mortgage. Thus, it is better to prepare for this before you even apply for a mortgage.

Tip #5
Understand what is your credit score. Credit score is simply a standard that shows your ability to consistently pay the bills and debts with a copy of your credit report.  This turns out to be a crucial criteria for your home ownership plans.


Tip #6:
Last but not the least. Understand what are the upfront costs that you might need to pay apart from the instalments for your mortgage. That is


home inspection and appraisal fees

insurance costs

land registration fees

prepaid property taxes or utility bills (the buyer reimburses the seller or builder)

legal or notary fees

potential repairs or renovations

moving costs

GST/HST/QST on a newly built house or mortgage loan insurance


If you are serious about purchasing a home in Canada, feel free to connect with us for a free consultation by just typing ‘Free Consultation’ on our Facebook Chat or visit our website at astramortgage.com


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What is the eligibility criteria for a mortgage in Canada?

It is very important to understand that the mortgages are primarily designed to help homebuyers make it easier to own their new house. We like to keep it short.  mortgages can help you finance your home provided you repay the same with a standard rate of interest over a predetermined period of time.

We have listed down a few things that can be considered as a criteria for a mortgage.

Before we proceed, let us inform you that in the modern scenario, homebuyers prefer to consult a mortgage broker over a bank because an accredited mortgage broker helps to review mortgage options from several banks at once. Thus different banks may have different criteria,   this is what you need to know.

#1 Nationality
If you are Canadian, or if you have been a resident in Canada for some time, banks will review your Canadian credit history to determine whether they will lend to you the sum for your new house. If you have no credit history, build one by taking small loans from your bank and making payments on time. Get a credit card and use it responsibly. This will build records for your credit history.


#2 Income / Source of Income
You will also need a cash deposit for the home you wish to buy and a job or some source of income. Precisely, the banks or the lenders want to be sure that you have the capability to repay the money let to you for a house.


#3 Migrant History
If you are a newcomer to Canada, it is possible to get a mortgage based on your overseas history. In this case, you will need enough money to fund at least 35 percent of the house purchase yourself. In other terms, you need to own at least 35% of equity. If you already have a job offer in Canada, you will be able to proceed with even lesser deposit.

#4 Your plans

Of course, this is needless to say that your plans for the future of your mortgage matter. If you want to rent the place you own or even make a move to another location you might want to discuss this with your mortgage broker  first.

#5 Affordability
There are 2 affordability rules that determine how much you can spend on housing without risking your financial situation as a new homeowner:


your monthly housing costs should be at or under 39% of your gross monthly income

your monthly debt load (including your mortgage) should be at or under 44% of your gross monthly income.


You can explore your budget options with our mortgage calculator visit our website astramortgage.com or write mortgage calculator in our Facebook Chat, we will share the link with you.


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