If you are thinking about selling your current home and financing a new one, you should really consider exploring your mortgage options before you list your home. Don’t just assume you are going to qualify for your next purchase! - unless being homes doesn’t bother you much. As many homeowners, you are most likely making the assumption that because you qualified for a mortgage before, you will qualify again. Unfortunately, that may not be the case. Over the past couple of years there have been many changes to how people qualify for a mortgage and lots of products and programs are no longer available. Mortgage qualifications and lender guidelines simply aren’t what they used to be. It’s a lot harder to get a mortgage now compared to what it used to be several years ago, and there is still a chance you might not qualify going forward. The key is ..... simply taking the time to talk to your mortgage broker or me, and create a plan. I will be happy to sit down and take a look at your numbers.
Here are just a few things that may happen if you fail to plan properly:
Even though these storylines may seem to be a bit exaggerated, they are more common than you would think. People only know what they care about, and the combination of rule changes and presumptions in mortgage industry can have unfavorable effects . The truth is, most people really only pay attention to their mortgages every 3-5 years. However I do this for a living! Now, chances are you will most likely qualify for that new mortgage, but I'll reiterate that having a plan from the beginning is crucial! We can even discover some new options you didn’t know could apply to your situation. So, if you are thinking of selling your existing home to buy something new, just call me at 647-893-2535 or drop me a line at [email protected] Sign Up Here for Monthly Mortgage Updates
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