As your local mortgage broker in Kamloops, whether you are a first-time buyer or looking to renew or refinance your mortgage with a new lender, getting a new mortgage can be stressful. That’s why you should get yourself mortgage ready well in advance. Here are five tips to help you do just that:
1. Get your credit report. Getting a copy of your credit report will let you know how lenders will view you. You can order yours for free through the mail or for a small fee online at www.equifax.caIf you spot a problem, contact the credit agency to resolve the issue.
2. Polish your credit. With continual good credit habits, you can quickly boost your score by several points. Most importantly, pay your bills on time, every time. Don’t let your credit accounts exceed 30% of the credit available. Before you cancel any credit cards, get advice. And don’t apply for a store card to save on your purchase that day. Check your credit score regularly, and watch how those good credit habits push your credit score skywards!
3. Cash is king. Plan to go into homeownership with the maximum down payment possible. If you are in the “saving up” stage of preparing for homeownership, now is the time to meet. There are several down payment savings strategies available that we can put to work for you.
4. Get a boost from family. Parents and grandparents have enjoyed home ownership’s personal and financial benefits and see how hard it is today to make that crucial first step into the market. Check to see if they can help by gifting or loaning some or all of the down payment or helping you with other debts.
5. Start a dialogue early. Get in touch with me, your local mortgage broker in Kamloops, before talking about your purchase, refinance, or renewal plans. I can help you be fully prepared to get you where you want to go and to make sure you can take advantage of any opportunities that come your way.
Also, remember, history has proven that it is almost impossible to time the market perfectly. Homeownership has proven to be an excellent investment over the long term, so focus on buying a home when you are financially ready and when it fits your lifestyle.
Are you ready to purchase, renew or refinance? Let’s talk!