One of the important factors in home ownership is understanding things like your credit score. Some people don’t pay much attention to this metric until they begin the mortgage discussion! However, you will find that your credit score is one of the most important factors when it comes to qualifying for a mortgage at the best rate – and with the most purchasing power. Whether you qualify for a mortgage through a bank, credit union or other financial institution, you should be aiming for a credit score of 680 for at least one borrower (or guarantor), especially if you are putting…

Now that we have talked credit, it is time to consider budget! We know, we know… but we promise, you’re almost there! When talking budget, it is important to consider the purchase price budget, as well as your cash flow budget. Being house rich and cash poor makes for a no-fun home! The home price based on your cash flow budget may be dramatically different than the budget home price you qualify for. The benefit of a budget is two-fold. Not only does it help you to understand your purchase price range and help you to find an affordable home, but it…

For those of you who don’t know, your down payment is the amount of money you need to put down on your new home. Once you have determined your budget, you will have an accurate idea of the final cost of the home you can afford and what you will be intending to spend. This will allow you to estimate your down payment and start saving! The ideal down payment for purchasing a home is 20%. However, we understand in today’s market that is not always possible. Therefore, it is important to note that any potential home buyer with less than…

When it comes to mortgages, there can be a lot to know! Do you go with a fixed-rate mortgage or a variable-rate? What are the terms? What are the penalties? Which is the best payment frequency? With so many questions and so many lender options, it can be hard to find the best solution for you. That is where a DLC Mortgage Professional can help. Rate is only ONE of the many features in selecting the best mortgage product that meets your financial goals. With access to hundreds of lending institutions, Dominion Lending Centres Mortgage Professionals are familiar with a variety…

When you apply for a mortgage you will typically need to provide a standard package of documents, which almost always includes: Your government-issued personal identification One month of recent pay stubs from any applicants who will be listed on the loan Letter of employment Your most recent two years’ worth of personal CRA tax filings and financials (if incorporated) Three months of bank account statements Your down payment (minimum 5%) Documentation to explain any unusual (generally non-payroll) large deposits or withdrawals

To have the best success with your mortgage, it is recommended that you get pre-approved! This can be done through your Mortgage Professional to ensure that you get the best mortgage product FOR YOU, from the best rate to the best term agreement. While getting pre-approved might sound boring (and you might be asking ‘why can’t I just get approved instead!?’) there are actually a host of benefits which will make searching for your perfect home that much easier. Pre-approval helps verify your budget and allows your real estate agent to find the best home in your price range. Quick Tip: Don’t…

You made it!! Once you have your down payment and have qualified for a pre-approved mortgage (your credit score is in order and all documentation has been provided), you are ready to start searching for your perfect home. Your Mortgage Professional can give you recommendations for a realtor, if you don’t have one already. CLOSING TIPS Clean up your debt and credit score. These two things will carry you through your financial life, so it is important to learn the right habits and put the work in now. Get pre-approved! It is worth it. Stick to your budget! You went through a lot of…