Homeownership requires very careful and proper preparation. Educating yourself about the key aspects of mortgages will show you what makes you a trustworthy borrower and how to improve your possibilities of getting approved for the best mortgage. To help you navigate the process, Expert Financial Corporation has put together five tips to ensure your mortgage application is approved.
Tip 1: You should consider hiring a mortgage broker.
It can be quite frustrating to go through the mortgage process and find the best deal. As a mortgage brokerage, we can help you find the right mortgage deal for your circumstances, and help you submit the best possible application.
Tip 2: Understand and calculate how much you can afford.
Before you even start house-hunting, it’s essential to work out how much you can actually afford. The higher the deposit you put down, the less you need to borrow. The lender will consider whether you can afford to meet your mortgage repayments, taking into account your current income and expenses.
Tip 3: Check your credit score.
Lenders also want to know how creditworthy you are, and one of the things they’ll check is your credit score. Your credit score can be affected by various factors, from the way you pay your bills to the amount you put on your credit card each month. Most people don’t think much about their credit score until they need to apply for their mortgage and might be in for an unpleasant surprise.
So, it’s worth checking your score well in advance before applying for a mortgage. If it’s worse than you thought, you may need to spend some time building up a good credit history before buying. We can show you how. It’s also worth checking your credit report for any errors and having those corrected. This way, you will be able to get a good interest rate, with an A lender.
Tip 4: Stay in your price range.
It’s one thing to do your homework before house-hunting, but with your dream home on the line, you may be tempted to make a higher offer just to beat out the competition. However, make sure you stay within the range of your mortgage.
Tip 5: Budget for your closing costs.
Buying real estate entails many costs in addition to the price of the house itself. Some expenses you need to consider are lawyer fees, title insurance, land transfer tax, and registration fees. You can do a bit of research on the closing costs while buying a house for approximate figures which you can prepare yourself for.
Expert Financial Corporation strives to find you the best options for your financial needs and goals. With our expert advice and professional services, you receive the mortgage that suits your needs. Our team of highly professional and qualified agents is always available to provide you with the best possible deals for your mortgage requirements.
Contact one of our experts at Expert Financial Corporation today @ 416-302-5776 for a FREE consultation.