19 Apr

Mortgage Survival Guide – Abbotsford Mortgage

Abbotsford Mortgage

Posted by: Matt Robinson

Matt Robinson | Dominion Lending Centres

604-852-1703

info@matthewrobinson.ca

 

As a first time homebuyer, trying to figure out how to get a mortgage can be overwhelming. Matt Robinson, at Dominion Lending Centres, has created a mortgage survival guide to help you be more organised throughout the home loan process. Working with Matt Robinson to obtain your first Abbotsford mortgage can help you get the best options and rates on the market.

 

  1. Organisation:

Being organised with your finances can help prepare you for a mortgage. Before you start your home loan application, make sure you know your current credit score. Your income and credit score largely affected how much you are able to borrow. If you notice any faults on your record then you should fix these problems before your application is sent in.

 

  1. Pre-approval:

Contact your local Abbotsford mortgage lender to get pre-approved. This can be beneficial because it will let you know exactly how much you can borrow from the lender, and therefore, know exactly what price range to shop in. Knowing your affordability in advance can save you time by avoiding homes that are not in your budget.

 

  1. Income:

You are given more credibility depending on how long you have been working at your current job for. Lenders appreciate borrowers who have a steady income of at least two years with their current employer. If you constantly switch jobs, now might not be the best time to buy a home because lenders want to see that you are financially responsible.

 

  1. Savings:

Before you start your home loan application, make sure you have enough money in the bank to pay at least 5% of your home’s down payment. The more savings you have, the better your application will look. If you have a lot of debt and no savings, you will most likely be declined for a home loan. In addition, continue saving and avoid making other big purchases until after your loan has been approved. Taking on unnecessary debt can hurt your application.

 

Buying a home is most likely the biggest purchase you will ever make. Make this an exciting time instead of a stressful one. Following this mortgage survival guide will help prepare you for homeownership. If you have any questions or are wanting to get started on your application today, please contact your Abbotsford or Chilliwack mortgage lender at 604-852-703 or email info@matthewrobinson.ca.