Buying a new home is likely to be the biggest financial commitment you’ll make, so you want a good deal on a mortgage rate. Thankfully, there are ways to increase your chances of getting your application accepted. Here are some top tips for your new home mortgage.
Top Tips for Getting a New Home Mortgage
Watch your credit score – Get a copy of your credit report before submitting mortgage applications with a mortgage broker. If your credit score is low, take time to try to boost it before applying.
Count the cost – Work out a budget before looking for a new home mortgage. Borrow enough to cover the cost of the property, as well as associated costs and fees.
Stick with your job – A steady job is something lenders look for, so if you want to change jobs, it’s better to wait until after you get a mortgage.
Reduce debt – Carrying debt looks bad to prospective lenders. If you have outstanding loans or maxed out credit cards, try to pay them down a little before applying for a mortgage.
Bigger is better – Saving up money for a large deposit will increase the choice of mortgages available to you. Plus, you could qualify for a better deal with a lower mortgage rate.
Buy with someone – If you don’t have a decent deposit alone, consider buying with someone. Just keep in mind this is a big commitment, so work out the details carefully, including what happens when one of you wants to move out.
Get Help from a Mortgage Broker Company
Struggling to find a good mortgage is difficult. If you are having a hard time, consider working with a mortgage broker company. They can help you find the right mortgage so you don’t have to do it alone.
MortgageLine offers competitive rates to help you find a mortgage that suits your budget.
MortgageLine is a Calgary based mortgage company committed to helping families succeed. We are here to help you find the best mortgage for your situation and lifestyle. Ready to get started? Apply online today, or contact our team!