Mortgage Blog

How You Square Up to Qualify for a Mortgage

June 29, 2015 | Posted by: Kelleway Mortgage Architects

From the lender's viewpoint, borrowers need to meet certain criteria in order to qualify for a loan with the best terms available. In order for us to arrange mortgages for borrowers, we often review their application by imagining a qualifying square.  Each corner of the square represents a set of standards that needs to  be met in order for a lender to approve the loan or mortgage. Those corners are:

C- Credit History
E - Equity (or down payment)
I - Income
P - Property

The balance of the square is important to the strength of a client's mortgage application. If one corner is weak, then another corner may need to be stronger to compensate.  It's up to us working with our clients to prove that the square is balanced, complies with the lender's lending policies and is in line with their risk appetite.

 For examples, see our blog articles:

1) how to make your credit history 'good enough'

2) how the type of property you buy (e.g., acreage) can affect  the amount of mortgage a lender is willing to lend, and

3) how the amount of equity (e.g., ownership investment or down payment) is affected by the type of loan you want (e.g., construction mortgage)

What's the Next Step for You?
1)    Keep us in mind and on hand in case anyone you know runs into the same sort of situaltion.
2)    Share this post with your friends and family because you never know when the info could come in handy.
3)    Call or Email Us just to connect and get started talking about your plans. (see below)
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Glen Kelleway, BSc, AMP, Senior Mortgage Planner & Owner

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