Mortgage Blog
Canada's Mortgage Experts
Don't make this mistake when you're buying
June 21, 2018 | Posted by: Dana Stauber
So you're considering buying a new place? Great! Here is some tried, tested, and true advice that you can use along the way.
Regardless of how many homes you have owned in the past, how good your credit score is, how much money you have in the bank, how much you're enjoying that new promotion at work, or how confident you feel about your chances to get another mortgage…
Never start the home buying process without having a mortgage pre-approval.
Qualifying for a mortgage today is harder than it has been in the past. Even if you have a mortgage right now, that doesn't guarantee that you will be offered a new one in the future.
Recent Changes
Rules have changed:
-mortgage qualification
-how the lenders look at mortgage applications
-your financial situation has changed
It only makes sense to start the process by having a mortgage professional assess your personal financial situation.
Meeting with a mortgage professional to discuss your pre-approval will:
-outline your buying power. You will be able to shop knowing exactly how much you can spend.
-uncover any issues that might arise in qualifying for a mortgage (example mistakes on your credit bureau).
-outline necessary supporting documentation so you can get those together ahead of time.
-secure a rate for 30 to 120 days depending on your mortgage product.
-help you get a plan together with respect to selling your existing property before/after buying a new one.
-give you the ability to shop for a new place with confidence.
Clarity is the key. Some people assume they won't qualify for anything, but can afford the moon, while others believe it is their fundamental right to borrow as much money as they want. Chances are, you're somewhere in between. The only way to know for sure is to start the conversation.
So if you're considering buying a new place, let's talk about your financial situation so you know where you stand.
Get in touch anytime, let's get started!
Questions on your mortgage, or want to compare your mortgage to what is currently available? Please get in touch. Email me danastauber@invis.ca
