Mortgage Affordability An important and sometimes challenging topic for those looking to buy is Mortgage Affordability: how much
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Top notch, professional service, second to none! My wife and I are so glad it was Maurice who handled us. Satisfaction guaranteed. With his vast array of contacts and experience in the business, he will deliver, and you can take that to the bank!
Maurice helped us with a difficult situation where my husband had just gone from being an employee to a contract work arrangement. Although we had great credit, the bank would not work with us. Maurice offered many options, and we bought our Toronto condo with little hassle. Thank you, Maurice!
Our experience with Maurice for the past 10 years had been great. He is hands on and will work day and night to find you a good deal. Extremely supportive, helpful and accommodating!
For a first-time home buyer like me, getting the best lender was one of the many challenges, but because of Maurice’s professional expertise, he made it easy for us. The entire process was explained clearly, and all our questions were answered very well. Whether you are like us or already have a mortgage, we highly recommend Maurice. Your 15-30 minutes time with him can mean a lot of savings to you and your family.
Maurice is very knowledgeable, thorough with his work, explains everything patiently, surpassed our expectations as a professional broker these 11 years we have known him. First time home buyer or refinancing your home, we highly recommend Maurice with our complete trust!
First time using a mortgage broker and Maurice was great. He was very responsive and would reply on evenings and weekends as well to make sure everything was on track and that I was kept updated. We were working with a tight closing date, and he would constantly follow up with all the parties (underwriter/bank/lawyer) to make sure everything completed on time.
Your professionalism in what you do exceeds my expectation. Thank you so much for your patience but mostly for making this transaction happened considering the complicated factors involved.
Maurice made the process of buying our first home straight forward. Maurice is extremely knowledgeable and will inform you of any potential obstacles and how to fix them. Maurice is extremely responsive and available at all times. After our application was completed and we thought everything over, Maurice convinced our lender to give us a current promotion we didn't expect to receive. Maurice will work for you and get the best possible outcome for you. This is why I am highly recommending him.
Maurice is a hard working man who also took the time to explain the semi complex assignment process while securing my mortgage approval. thank you!
Highly recommended!!! This is the third mortgage I worked with Maurice. He understood the needs of a real estate investor and knows what is needed to get approved. Thank you Maurice!
I worked with Maurice when I got rejected from the bank. He helped me throughout the process and made it work. He is dedicated and very detail oriented. I love how he follows up to make sure everything is in order. I will definitely work with him for my future Mortgage needs.
My husband and I were 100% satisfied doing business with Mr. Maurice Kwok and his staff. Everything went extremely smoothly with our transactions over the years. We never had to look anywhere else for a mortgage. We would highly recommend Sherwood Mortgage if you are looking to get a mortgage and want true professional help.
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For high-ratio mortgages, your Gross Debts Service (GDS) ratio needs to be within 39.0% and Total Debts Service (TDS) ratio within 44.0%. Your credit score should be over 680.
For conventional (20% or more down payment) mortgages, alternate (or called “B”) lenders offer more flexibility. Please let us guide you.
1. Good credit score (650 to 680+) for prime lenders.
2. Proof of down payment with a 90-day history. 3.Gross Debts Service (GDS) ratio within 39%, and Total Debts Service (TDS) ratio within 44.0%.
For Refinance or Switching Lenders
1. Some flexibility if dealing with credit unions, which could have no Stress Test.
2. Even more flexibility if dealing with alternate “B” lenders.
The key is to get you approved!
Talk with us, your Toronto Mortgage Broker!
Purchase – 680 and above
Refinance – 650 and above
Switch – 650 and above
Can be a much lower credit score
Fixed Rate Mortgage:
Pros – Lock in the mortgage rate and monthly mortgage payments; no negative surprises.
Cons – Beware of a large penalty in breaking the mortgage; lacks flexibility.
Variable Rate Mortgage:
Pros – Good for self-employed homebuyers, you can cancel the mortgage anytime with limited penalty.
Cons – Not the best product in a high inflation with rising interest rates; significant increase in the monthly mortgage payment.