6 Feb

Buying a Home Together? Here’s Your Ultimate Mortgage Prep Checklist!

Mortgage Tips

Posted by: Elena Bogomaz

Dreaming of Buying a Home with Your Partner? Start Here!

Buying a home together is an exciting milestone, but before you dive into house hunting, there’s one crucial step: getting mortgage-ready as a team. Let’s break it down so you can approach the process with confidence and clarity.

Why Preparation Matters

Applying for a mortgage isn’t just about love—it’s about strategy, preparation, and being on the same page financially. Lenders will evaluate both of you, so it’s essential to have your financial ducks in a row. Here’s what you need to know:

1. Employment History: Show Stability

First and foremost, lenders want to see stability. Ideally, both of you should have at least two years of consistent employment in the same field. If one of you has recently changed jobs, don’t worry—just be prepared to explain the reason.

2. Credit Scores: Aim High Together

Here’s the thing: lenders will look at both credit scores. To qualify for the best rates, aim for a score of 680 or higher. If your score needs work, now’s the time to pay down balances and avoid new credit applications.

3. Income & Assets: Combine Your Financial Power

Your combined income and assets play a huge role in your mortgage application. Lenders will look at your gross income, including bonuses, commissions, and even rental income if you have it. They’ll also want to see proof of assets like savings, investments, or gifts from family.

4. Debt Obligations: Keep Your Ratio in Check

Shared or individual debts can make or break your debt-to-income ratio. To improve your chances of approval, keep your total debt payments (including your potential mortgage) below 44% of your gross income.

Why This Checklist Matters

Being prepared doesn’t just save time—it can also save you money in the long run. By addressing these key areas, you’ll streamline the application process and position yourselves as strong candidates for approval.

Ready to Take the Next Step?

If you’re ready to turn your homeownership dreams into reality, let’s chat! Book a call with me today, and together, we’ll create a roadmap tailored to your unique financial situation. 🏠✨

Buying a home is a big decision—let’s make it easier!  Book a call with me today, and I’ll guide you through the process, answer your questions, and help you secure the best mortgage for your needs. Schedule now! 
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29 Jan

Choosing the Right Mortgage Agent For You.

Mortgage Tips

Posted by: Elena Bogomaz

Choosing the Right Mortgage Agent For You.

Choosing the right mortgage agent involves several important steps to ensure you find someone who will best serve your needs. Here are some key considerations:

  • Trust and Communication: Choose someone you feel comfortable with and who explains everything clearly—no jargon, just honest, straightforward advice.
  • Check Reviews and References: Don’t just take their word for it—see what other clients have to say about their experience.
  • Experience Matters: Choose a broker who is a full-time professional and fully dedicated to mortgages, not someone who does it part-time.

A full-time professional stay updated on market trends, lender options, and regulations, ensuring you get the best advice and deals.

The right broker can save you time, money, and stress—let’s make your dream home a reality! Ready to get started? Message me today!

#MortgageBroker #CanadianRealEstate #HomeBuyingTips #MortgageAdvice #FinanceGoals

 

2 Sep

The Benefit of Rate Holds

Mortgage Tips

Posted by: Elena Bogomaz

Purchasing your first home is an exciting and rewarding experience. To make the mortgage process smoother, consider getting pre-approved for your mortgage.

What is a Rate Hold?

When you get pre-approved, you secure a fixed interest rate for 90 to 120 days. This doesn’t lock you into a specific lender but protects you from potential rate increases while you shop.

Key Advantages of Rate Holds

1. Protection from Rate Increases

A rate hold ensures you receive a guaranteed interest rate for up to 120 days. This shields you from potential rate hikes. If rates drop during this period, you can still benefit from the lower rate.

2. Enhanced Financial Planning

Knowing your exact rate helps with budgeting and financial planning. It provides clarity on your monthly payments and helps you find a home within your price range. As a result, you can ensure future financial stability.

3. More Time to Shop

A rate hold offers peace of mind, allowing you more time to shop for the right home without worrying about fluctuating rates. You can explore different mortgage options and lenders without feeling rushed.

4. Stress Reduction

Rate holds alleviate stress from market uncertainties and rate fluctuations. After recent market turbulence, having a secured rate reduces pressure. If your rate hold expires, applying for a new one is simple.

5. Securing a Competitive Rate

While current interest rate increases are unlikely, securing a favorable rate now can save you money in the long run. Locking in a good rate can be beneficial if market conditions change.

Summary

Rate holds offer peace of mind, financial security, and the ability to make informed decisions when entering a mortgage agreement. They are particularly useful in fluctuating interest rate environments or when delays in finalizing a mortgage are expected.

Contact Us for More Information

If you’re looking to buy a home or need more details about rate holds and the mortgage process, contact Elena at 647-945-3681 today.