What it Takes to Get Your First Mortgage
If you’re in the market to buy your first home in the Greater Toronto-Greater Hamilton, Ontario area, it’s best to gather as much information as possible and discover what it takes to obtain your first mortgage Waterdown, Burlington, Oakville and other areas of Ontario. Although it is true that obtaining a first mortgage used to only require a steady job, nowadays the process can be a little more complicated.
Lenders have implemented much more stringent policies and criteria before they approve a home buyer for a mortgage. Many requirements need to be met with traditional lenders, including:
- Having pristine credit
- Having adequate funds to use as a down payment
- Having steady employment for a minimum length of time
- Making a certain amount of money per month
- Having an acceptable number of outstanding loans in ratio to income and assets
Times have changed, and so has the economic climate of in Canada. Lenders are being more careful than ever when it comes to handing out mortgages necessary for home buyers to pay for their homes.
Although the purse strings have tightened somewhat, this does not mean that obtaining a mortgage is impossible. In fact, with the help of a professional and independent mortgage professional like Lee Anne Taylor at Home Loans Ontario, you find a lender to get your first mortgage in Ontario.
Getting pre-approved for a mortgage is your first step. Lee Anne will help you identify what type of price range is ideal for your financial situation so that you do not attach yourself to a home or mortgage that will eventually prove to be difficult to keep up with. She’ll also help to educate you on the various closing and carrying costs that first time home buyers will be responsible for so that there are no surprises at the time of closing.
An expert like Lee Anne Taylor will help you get things in order so that securing a mortgage is possible. She will shop around among the various lenders available to her as a Dominion Lending Centres agent in order to get you a mortgage that not only has a low rate attached to it, but also the most flexible terms and conditions.
When you are in the market to buy your very first home in Southern Ontario, call Lee Anne and discover how she can help make your dreams of owning a home come true! You can reach her at : (905) 336-8948, or visit her website: www.homeloansontario.ca.