Having the ability to save money is a great first sign you might be a future homeowner.
2. You have good credit
Having perfect credit isn’t a requirement to get approved for a mortgage in Canada. However, if your credit score is at least 650, your odds of getting approved are much higher....
However, the truly unsettling idea about credit scores and their relation to home financing is the fact that most people do not even know they are extremely important even after you have been approved…
Historically the choice of a variable rate mortgage over a fixed term has allowed borrowers to save in interest costs...
It doesn't make much sense, does it? Why would the buyer with the smaller down payment (and therefore the riskier borrower) would benefit from lower rates?
Loan Amount is often the critical component of your financing. This is particular true in the case of a property purchase. The loan amount will drive your other considerations. You may have secured a great low rate, but if you lender is only prepared to provide you a loan equal to 60% of purchase price or appraised value, are you prepared to inject additional equity?
Please Feel Free to Leave a Comment on my Blog Post!