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Showing posts from September, 2021
  Top Tips for Getting Your First Mortgage Taking out a mortgage is likely one of the most significant financial decisions you will ever make. With the rising property prices in Canada, more people are looking to take out a mortgage to purchase their first home. If you’re currently looking to buy a new property, here are some top tips to improve your chances of being approved for a mortgage. Improve Your Credit Score Credit scores are categorized as poor, fair, good, very good, and excellent in Canada using a scoring system between 300-900. The category you fall into depends on your previous financial decisions. Being in debt and having several late payments will lower your score, making it less likely for your application to be accepted.   Mortgage lenders will use your score to determine how financially trustworthy you are. They want to lend to people who will be reliable in making their monthly repayments. You can check your credit score for free online to
  Important Factors to Consider When Applying for a Mortgage Unless you’re paying for your new house in cash, you will likely need to apply for a mortgage. There are many important factors to consider when you make an application with mortgage providers. Your Earnings To qualify for a mortgage, you need to have a reliable source of income. Your income can come from several sources, including your salary, child support, or stock dividends. If you are self-employed, it’s usually a more complex process as this line of work is generally labelled as unreliable and inconsistent. However, if you can provide consistent payslips showing earnings from the past three or more years of being self-employed, you are more likely to be accepted for a mortgage. Proof of Income Mortgage lenders will require proof of earnings. They need to know that you are reliable and that you can afford the monthly mortgage repayments. For this