Our team at Loewen Group Mortgages wants to congratulate you on making the decision to become a homeowner. We understand this is a huge commitment, and will quite possibly be the biggest expense you ever have. We want to make sure you have all the resources to assist you in choosing your Oakville Mortgage. Therefore, we have created a checklist to help all first-time homebuyers get started on the mortgage process.
Get Your Credit Score Checked:
Before you apply for a mortgage, you should be familiar with your credit report and have your score checked. Your mortgage rates in Oakville are largely determined by how good of a credit score you have. Knowing your score ahead of time can help give you an idea of what kind of rates your broker will offer you. If you have a bad score, our team at Loewen Group Mortgages will still work with you and do everything we can to ensure your dreams of homeownership still come true.
Fix Any Blemishes On Your Record:
It is not uncommon for mistakes to be made on a credit report. But don’t worry because these problems can always be fixed and taken off your record. Checking your finances ahead of time gives you a chance to fix any blemishes on your record before you start applying for a mortgage.
Choose The Right Broker:
Make sure the broker you choose is someone you can see yourself working with. If they are not easy to talk to or don’t explain mortgage terms in an understandable way, then they might not be your best fit. Also, choose someone who is personable and will put your financial needs first.
Know What You Can Afford:
Knowing your affordability ahead of time can save you time when shopping the residential market. This will give you an idea of what price range to shop in so you do not waste your time looking at homes outside your budget. As your local broker, we can pre-approve you for a mortgage and let you know exactly how much you can borrow.
Have Substantial Savings:
The more money you have saved, the better mortgage rates you will receive. This depends on how much you pay towards your down payment. If you pay at least 20% of your home’s purchase price, you will not have to get mortgage default insurance, so make sure you have substantial savings before you close on a home.
For information on specific mortgage rates in Oakville Ontario, please contact the Loewen Group Mortgages team at 289-813-7305.