As the average age of our Canadian population gets older (currently Canada has over 5 million people over 65 yrs old)*, it is no doubt that you or your loved one may be faced with growing concerns about the ability to live life without financial constraints or difficulties.
As discussed previously, when it comes to choosing a mortgage, it does not always come down to the rate.
The question I hear most people focus on these days is “What is your lowest rate?” Although the rate is important, it is just one aspect of a mortgage – there are other aspects of a mortgage that are just as important.
So you finally did it and joined the ranks of the SELF-EMPLOYED! You left your stable, well paying job to lead a more “balanced” life where you can pave your own way and follow your passion. That’s what you keep saying to yourself anyway…as you work through a mountain of paperwork and bills.
Buying a home is a big step. It is likely the most expensive purchase you will make in your life. If you are not a real estate expert, you probably do not know everything about the market. Although getting a mortgage may seem simple at first (signing a contract and paying the cost), there are several precautions home buyers must take during the process.
Everyone knows to shop around for a mortgage, but they may be afraid that doing too much digging can hurt their overall credit score. To help ease these fears, here are a few things to keep in mind while going through the mortgage process:
Know the Difference Between an Inquiry and an Application
Many credit score companies like Equifax carry different weights for specific actions.
Deciding on where to get a mortgage can define your entire home ownership or investment experience. Because of this fact, you should always hunt for the best terms possible.
You will have two main choices: a bank/lender or a mortgage broker.