Head Office To Discuss Move At Year End Meeting

In case you are looking for your first mortgage or are considering refinancing a loan on the home you are currently in, you can bet you will have some very refinance challenges. This does not necessarily mean that it will be impossible for you to get a loan at a great interest rate, but it means that you will have to put in more work to find it.

  1. Know the score- This is the score based on your credit history, but you have to buy it to find out. Your credit report is free, and you can easily get it. You should get the report and go over it in as there are any errors.
  2. Know what exactly you can afford- Do a very honest assessment on what you can afford for the mortgage payments, which will include taxes, insurance and the loan rate. Track down your living expenses for about the past three months and subtracts it for your three-month income. From that number, subtract your rent, and then you will be lifted with what you can afford each month of the mortgage.
  3. Be ready- You have to be prepared as a first-time buyer and garter your entire presentation package, which should have your previous year tax returns, copies of other loans you might have, proof of other assents if any like savings, stock as well as land holdings. When you have these ready before you apply, things will be much easier and smoother.
  4. Shop till you drop- You need to get pre-qualifies for the rates that you can afford, which leaves you in a stronger negotiating position with the seller. Still, know that not all mortgage lenders are the same. This means that you should shop for rates and terms especially early payment penalties as well as closing costs before you apply.
  5. Good credit but no equity is not a problem- If you want to re-finance your home, you should take advantage of the low lending rates available. You could find that you have dropped equity because the house has dropped value in the market. You can easily find an institution that can help you.  Be sure to check Sherwood mortgage broker Toronto hours
  6. Facing foreclosure- In case you are looking for the foreclosure, you have to keep in mind that you cannot do anything. Banks are modifying loans that are in trouble, which can take the form of lower rates, longer terms and sometimes even unconditional forgiveness of part of the loan. The best thing for you to do here is using a broker who knows how things work. If you do it yourself, it could result in a nonresponsive attitude from the banks.

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