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Mortgage pre-approvals from lenders are typical so buyers be aware of size of loan they be eligible for a. Fixed mortgages possess the same interest for the entire term while variable rates fluctuate with the prime rate. Switching lenders at renewal allows negotiating better rates and terms but incurs discharge/setup costs. The Canadian Mortgage Brokers In Vancouver and Housing Corporation (CMHC) offers online for free payment calculators. The debt service ratio compares monthly housing costs and debts against gross household income. Stated Income Mortgages were popular prior to housing crash but have mostly disappeared over concerns about income verification. Income, credit rating, deposit and the house's value are key criteria assessed in mortgage approval decisions.
