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What is a mortgage pre-approval? It is the process of getting pre-approved for a certain mortgage rate before applying for one. Being pre-approved by a lender shows sellers that you’re a serious buyer and can make a competitive offer. It is divided into steps and mainly checks the following: - Identification... - Proof of income - Proof of assets (to prove you have enough money for a down payment) - Credit report - Employment verification - Information on any debts or financing agreements With this information, a lender can pre-approve a maximum amount and interest rate. It’s important to keep in mind that getting pre-approved does not guarantee your approval for a mortgage. If you have any questions or looking for a mortgage, please don't hesitate to message me! #gtamortgageagent #gtamortgages #torontomortgages #mississaugamortgage #etobicokemortgage #bramptonmortgage #mortgageagent #mortgagespecialist #preapproval

Don’t get overwhelmed. Use a mortgage agent. The process of buying a house or property can be overwhelming if you’re trying to do it all by yourself. Take the pressure off by working with a mortgage agent. The small initial effort of finding one that fits your needs will be worth more than the amount of time you’ll spend trying to do the legwork yourself. Easy ways to start finding mortgage agents are looking online or getting referrals from family and friends. Or, send me a message right here, and we can get started! #gtamortgageagent #gtamortgages #torontomortgages #mississaugamortgage #etobicokemortgage #bramptonmortgage #mortgageagent #mortgagespecialist

Five tips for improving your credit score: 1. Build a positive payment history. This means making payments on time, in full whenever possible, or at least the minimum amount. Do not skip payments. Contact your credit provider if you don’t think you’ll be able to pay a bill. ... 2. Stay within your limit. For example, if you have a credit card with a $5000 monthly limit, do not charge more than $5000 a month to your card. It is highly recommended that you try to use less than 35% of your available credit. To lenders, using a lot of available credit makes you look like a greater risk. 3. Longevity is key. The longer you’ve had a credit account open, the better. For example, the first credit card you got in university lying around - doesn’t close it. Keep it open and use it now and then. Keep the account active and stay on top of payments. You want to show lenders you have a good, long history of being a reliable credit borrower. 4. Limit the number of credit checks and credit applications you apply for. For example, use a mortgage agent when you’re looking for a mortgage! As mortgage agents, we need to do only one credit check instead of you doing separate credit checks for each lender you might consider borrowing from. Limit your credit applications by only applying for credit when you need it. Don’t take out loans or open new credit cards unless you need to. 5. Lastly, if appropriate for you, have multiple types of credit. Examples include a credit card, line of credit, car loan, etc. Successfully managing a variety of credit shows lenders you are reliable. For more information, please visit the Government of Canada’s page Improving Your Credit Score page. https://www.canada.ca//credit-re/improve-credit-score.html #gtamortgageagent #gtamortgages #torontomortgages #mississaugamortgage #etobicokemortgage #bramptonmortgage #mortgageagent #mortgagespecialist #creditcheck #creditscore

What are open and closed-ended mortgages? To start, let’s define a mortgage. A mortgage is a loan to buy or maintain a house or form of real estate. It is a loan that is paid back over time, typically in regular payments with interest. The property is the collateral, meaning if you fail to make payments, the lender can take the property. Closed mortgages are restrictive.... - lower interest rate than an open mortgage - ideal for buyers who plan to keep the property long-term - cannot be refinanced, renegotiated or prepaid without penalties An open mortgage offers flexibility to the borrower. - Without paying penalties, you can: Increase payments, prepay, pay a lump sum - ideal for people who do not plan to keep the property long term - have higher interest rates than closed mortgages Make sure to speak with your mortgage agent about which mortgage type will work best for your needs. Please contact me with any questions or if you're looking for a mortgage! #gtamortgageagent #gtamortgages #torontomortgages #mississaugamortgage #etobicokemortgage #bramptonmortgage #mortgageagent #mortgagespecialist #openmortgage #closedmortgage #gtamortgageagent