Thinking of buying your first home or a new home in 2017? Here are a few things to keep in mind when applying for a mortgage this year.
Complete your Taxes
Your mortgage broker and lender will ask for your Notice of Assessment that you receive after submitting your taxes. If you are paid hourly, have multiple jobs or earn bonuses/commission as part of your salary you will be required to provide it. Prevent any delays by completing your taxes early in the year.
Know Your Credit Score
Be aware of your credit score. If you need to repair damaged credit, the sooner you know the more time you will have to repair and improve your credit before applying for mortgage financing. A poor credit score will also have a negative impact on the interest rate and terms you are offered by Lenders.
Keep debt load to a minimum
Approval is based on ability to service debt. If you have more debt than your income can afford it will negatively effect your ability to obtain a mortgage and the amount you could be approved for. It is not advised to take out that vehicle lease or loan, or any large charges to credit prior to your new home purchase or refinance.
Do not start a new job or business
Lenders look for job stability. If you are considering a career change prior to mortgage financing, the ideal job will be in the same industry. Keep your Mortgage Broker up to date on any changes, as it may affect your approval.
Hire the professionals
Hire professionals you can trust. A Mortgage Broker will review your down payment, income and credit and advise you the amount you can be approved to purchase your new home. You will also need a dedicated Real Estate Agent and Lawyer to help complete your purchase.
The Mortgage Winners team can help you reach your goal of home ownership, whether it be first-time or tenth-time. We can help with preparing you and getting you connected with top professionals.