Do’s and Don’ts of Getting a Home Mortgage Loan in Canada!

Canadians are dreaming of being able to purchase their own home, and although this idea is an exciting concept for many, there are still uncertainties and second-guessing that can happen. For sure, you will be doing some interviews with realtors, bidding, and even perusing homes in your desired location. Of course, the most important part here is qualifying for a mortgage in Canada.

If you want to increase your chances of mortgage pre-approval, these dos and don’ts may help you out.

Do’s to Consider

The first thing that you need to do if you are planning on buying a home is not to look at homes immediately, but to apply for a mortgage pre-approval first. This makes it easier for you to move in the house of your dreams rather than wanting a home but not being able to get it.

Second, make sure that you shop around. If you’ve been house hunting lately, you should also do some shopping when it comes to the mortgage rate. Although choosing your local bank for your mortgage, they may not give you the best rate available. There is nothing wrong with choosing another company especially when it comes to your

mortgage. As a matter of fact, you might want to hire a mortgage broker too while you are at it.

Prepare your documents that will be required for your mortgage application so that you will be able to present them as needed. And last but not the least, pay attention to the fine print before signing any contract.

Don’ts

Never get yourself pre-approved for a budget that is beyond your capabilities. It would be better if you choose an amount that you will be able to pay off every month with extra money used for your daily needs.

While your mortgage pre-approval application is still being processed, don’t apply for a new credit card or any new loan. This can disqualify you immediately from your mortgage application. As much as possible, avoid making any major purchase since it can affect your credit history. Keep in mind that your credit rating plays a role on whether your application will be accepted or not.
And lastly, don’t change jobs or quit your current one. Your mortgage pre-approval relies on your qualifications of paying off your dues on time.

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