Five Tips to Obtain a Mortgage

Are you thinking about buying a home in 2023? You’re not alone. While the process may seem daunting, there are many things buyers can do to give themselves an edge. Here are five tips to obtain a mortgage.

1. Understand your budget: Living expenses go far beyond the cost of monthly mortgage payments. By defining your lifestyle goals, you’ll be able to target a price range for your property purchase, and thus your mortgage, that will allow you to live comfortably now and in the future.

2. Have a stable income: either as an employee or by being self-employed.

3. Accumulate savings: for the down payment, as well as other related costs such as notary fees and welcome tax.

4. Have a good credit rating: by paying your bills on time and trying to pay your credit cards in full each month. Did you know that a car payment of $300 per month reduces your ability to buy a new home by $100,000? Consider your purchases carefully.

5. Deal with an independent mortgage broker who can navigate different banks and products to identify the best options for your individual needs.