It’s an exciting thing to find the home of your dreams and apply for a mortgage. Many new home buyers in Kelowna are a bit shocked when they discover the paper work they need to complete when applying for financing, but the lender needs to do a proper evaluation to make sure that the borrower can make payments and manage their debt – not just the debt of the mortgage, but all relevant debt.
So of course they need to know that the borrower’s income is sufficient to make the mortgage payment, which is determined in part by the amount of down payment put down on the property.
Proper verification is required by the lender in accordance with provincial legislation. It is unfortunate that the guideline’s today are strict compared to what they were 20
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