Few tips for getting a mortgage!
1. Save a down payment. Bigger the down payment the better.
- Minimum downpayment for a property less than $500,000 is 5.0%
- Property between $500,000 to $999,999 you'll need 5.0% for the first $500,000 and 10% for the portion above $500k.
- $1 Million+ you will need a 20% downpayment
2. Credit score is very important! The higher the score the better, this is a snapshot of your financial health and lenders use this to gauge your ability to repay debts.
3. Keep your income stable. Proof of income that lenders like to see and full-time employment is the best way to show it.
4. Do not have too many debt payments such as credit cards, car loans etc. Your balance doesn't have to be $0.00 but how much debt you carry will affect your borrobility.
5. Call me to get you pre-approved and start shopping for your Dream Home!