Buying your first home is a big step. When you are ready to buy your first home, it is wise to work with an experienced professional to guide you through the process and help you to qualify for a first time home buyer loan.
If you’ve had a good relationship with your bank, then it’s only natural that you will turn to them for assistance- even with your mortgage. However, your bank might not always be your solemn savior. What will you do if your bank turns away your mortgage application?
The Debt to income ratio (DTI) is the measure of the debt held by a household to the amount of disposable income. DTI ratio is calculated by summing up all the debt a household has (mortgages, car loans, credit card debt, personal loans) and dividing it by the annual income
When you qualify for your first mortgage, you may feel like you can rest easy. After all, the mortgage is already in place. Be careful, your mortgage journey does not end there.
Applying for your first mortgage can be scary, but an approachable mortgage broker makes it easier to take the first step. You can ask as many questions as you like, so you can start learning about mortgages.
A home is probably the largest purchase you will make in your lifetime. It is more than just a house, but a place where you spend your time and make memories. However, before you start dreaming of your new paint colours or white picket fences, there are several things you should consider. Dominion Lending Centres understands that shopping for a mortgage in Edmonton can be a daunting task.
When your mortgage matures, it indicates the end of the current term of your loan. When your term is shorter than your amortization period, you have to go through the renewal process several times until you pay off the entire loan.
Refinancing your mortgage means paying off your existing loan and replacing with a new one. There are several reasons why you can decide to refinance your loan. You can obtain lower interest rates, access the equity in your home, consolidate debt, or change your terms.
Renovations improve the appearance of your home, making it more desirable to live in. A home renovation also increases the resale value and equity in your home. However, renovations may cost thousands of dollars. A home renovation loan can help cover the expenses.
Having many monthly debt obligations not only prevents you from living on a comfortable budget, but it also prevents you from accomplishing other financial goals. Still, it’s not just the amount of debt you have that matters – it is how much debt you have relative to your income. If you’re considering buying a new house it is important that you care about your debt to income ratio for a mortgage.