How to Prepare for a Mortgage in 7 Quick Steps
Getting the best mortgage on your home makes a huge difference in affordability, financial wealth and abundance. It can save you hundreds or cost you thousands. There is so much more to a mortgage than the rate. Borrowers often overlook the mortgage terms and how they can or will impact them in the future. 60% of Canadians break a 5-year term mortgage so the understanding the terms are critical. There are things you can start doing now that will help qualify you for the right mortgage when the time comes to buy your home. These are key points that I discuss with my mortgage clients.
- Know What Your Credit Score is
- Gather your tax return from the last two years
- Where is Your Down Payment coming from
- Debt to Income Ratio – What Income Sources do you have?
- Fixed-Rate Vs Variable Rate
- Mortgage Terms – Understand Standard No-Frills vs Restricted Frills
- What if Interest Rates Rise or Fall?
As a Mortgage Broker I represent you the client to many lenders. Everyone’s situation is unique to them and that requires me to ensure they get the right mortgage that fits that situation.
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