Suki Nahal Mortgages

It's time to sell/buy a home or buy a home for the first time. Sukhi has guided customers to save time and money with the correct mortgage advice. Talking to a broker can help you with getting you approved.

1. Start saving. When your a first-time buyer, put your savings in an RRSP account. Keep putting money in a bank account. Lenders don't like cash under a mattress. 2. Reduce debt or don't take on new debt around mortgage application time. 3. Build your credit score. Use a visa card, get a higher limit and only utilize under 30% percent of the limit.

Great news for buyers who are getting a high ratio mortgage. CMHC will ease up on mortgage underwriting criteria. In 2020 the market was getting crazy, and CMHC increased the minimum credit score to 680. Now they are going back to 600 with 39/44 GDS/TDS. Fantastic!

I'll keep it simple. Variable is my favourite way to go. A lot more flexibility when it comes to your property and a minimum penalty for breaking your mortgage. I know it sounds weird to even think about breaking your mortgage before even getting a mortgage! The reality is people break their mortgages for often than you think for many advantages to upsize, refinance to unlock equity to purchase a new property, start up a business and debt consolidation. Another great reason to refinance is to use the equity and connect with a financial advisor and invest your money. For more information about mortgages or helping to solve your problem getting approved for your mortgage, reach out by email at [email protected] or dm.