It is essential to understand the difference between renewing your mortgage and mortgage refinancing in Edmonton. In Canada, banks are only allowed to make official loans for ten years. Most mortgage payment terms last over a period of 30 years.
If you are looking to buy a home, you have probably heard about a debt to income ratio for a mortgage. This is one of the many parameters that a lender will use to assess if you will be able to pay back on a mortgage easily enough.
There are several reasons for wanting to refinance your home. Perhaps you're looking to pay off your credit card debt, update your kitchen, or reduce your mortgage payments. Refinancing can make good financial sense; but there are things you should be aware of before you jump in to the first offer available to you.
Buying a home is an exciting venture; it can also be overwhelming and stressful! There are many factors to consider, such as a mortgage broker.
You've saved up a down payment, researched the market, and figured out how much you can afford to pay for your first home. Now you're ready to get pre-approved for a mortgage, right? Not so fast.
Renewing your mortgage was probably the last thing on your mind. However, most homeowners will consider refinancing at some point.
With mortgage rates at an historical low and house prices continuing to dip, it's a great time for the first-time home buyer to get in on Alberta's housing market.
To get the most out of your first meeting with your mortgage broker, it's a good idea to have some questions prepared in advance.
Do you know what your debt to income ratio means? How does it affect your ability to get a home the first time? Here is a helpful guide.
- Mortgage Refinancing Vs. Renewal: What Is the Right Option for Your Edmonton Home?
- What Should Your Debt to Income Ratio Be to Qualify for a Mortgage?
- Top Mortgage Refinancing Mistakes Edmonton Home Owners Should Avoid
- Buying a Home in Edmonton: Mortgage Brokers Vs. Big Banks
- What Documents and Paperwork will You Need to Get Started on Your First-Time Mortgage?
- Contact Us for More Information On Mortgage Broker Services