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Understanding How Debt Impacts Your Home Loan Eligibility
Securing a mortgage is a significant step towards homeownership, and for many Canadians, managing debt plays a crucial role in the mortgage qualification process. In this blog post, we'll delve into how various types of debt can influence your ability to qualify for a mortgage and offer insights on how to navigate these factors successfully.
Debt-to-income ratio explained.
If you've considered purchasing your first (or second or third...) property, you'll want to consider your ratios. When a lender is qualifying you for a loan, they look at the full financial picture. Not only do they consider debts in your name, but also any debts you may have co-signed for.