Are you on a quest to find your dream home and need to take a mortgage?
Did you know that mortgage qualification is essentially based on your ability to repay and your age?
Your ability to repay also refers to your debt-to-service ratio. This ratio is deduced from your income verse your current debts.
Here are five mortgage tips to get you started.
1. Get pre-qualified from a financial institution.
2. There is a lot of competition out there, so feel free to get pre-qualified from more than one financial institution.
3. Have your documents easily available for when they are requested such as your job letter, pay slips, non-indebted letters, and settlement letters.
4. Have your savings ready to cover your down payment which is usually 10% and your closing costs.
5. Closing costs cover:
• Valuation
• Searches
• Bank fees
• Preparation of a deed of mortgage
• Preparation of a deed of conveyance
• Stamp duty if applicable
Remember, you can qualify for a more substantial mortgage if you have little or no debts.
Contact us TODAY and let the EXPERTS handle your next purchase!
