03 Jan 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.
Contact us today to get started.