Sophie's Mortgages
250 Consumers road, Suite 905 M2J4V6 Toronto, ON, Canada

Buying a home is a big deal, especially if you have always rented your home. Having a house to call your own is a dream for a lot of people. But when can you be sure that you are ready for a first-time mortgage? 1. LONG TERM EMPLOYMENT If you have been working full-time for about 2 years and have built up a good credit history, that will help you get reasonable rates when you apply for your first-time mortgage. But what if you are self-employed? Don't worry, lenders are j...ust looking to see that you have a regular, reliable income. If you are a constructor, they will ask you to present your last couple of tax returns. 2. LOW DEBT It is likely that you'll have some debts when you apply for your first mortgage, it won't prevent you from getting approval. Lenders will want to know what your debt-to-income ratio is, which is an estimation of how much of your monthly income goes towards debt payments. 3. SAVINGS In order to buy a house, you have to have some money to put down towards the purchase. This will be to cover a downpayment, insurance and some other expenses involved. The more you put towards the purchase price now, the less you'll have to borrow and pay interest on it in the coming years. 4. READY TO SETTLE IN If you like the city or town you live in and are planning to stay there for at least 5 years it could be a good idea for you to buy a house to call home. It is really important for you to be sure you are ready to settle down because buying and selling homes takes a lot of time and energy. 5. OUTGROWING YOUR SPACE Are you outgrowing your rental space? Do you have kids or are expecting a baby soon? These are some great reasons to consider getting your own house. If you are interested in learning more about buying your first home or have questions about your mortgage call me at 416-726-8321.

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