You may be dreaming of buying a property in Canada and likely, you’re shopping for mortgages in Canada already. Although there is no shortage of options in the market, you may not get the approval of money lenders quick. It’s because there are certain factors that mortgage lenders consider. If you want to increase your chances of getting approved for a mortgage, these factors are worth considering:
- Credit report-When applying for a mortgage in Canada, it would be good to get a copy of your credit report. This way you are familiar with your score and also you’re able to review any discrepancies that may affect your credit. You can get a free version but paying for the report will ensure you get full access to your credit history. The accuracy of your credit report is very important so make sure you regularly review it.
- Size of down payment- Another factor that you should consider when applying for a mortgage loan in Canada is your down payment. The larger down payment you put on the house, the more you will reduce your loan, plus it will help mortgage lenders feel more confident in approving the loan. The down payment usually varies from one lender to the next, so a home mortgage calculator should be utilized to give you an idea of how much you can pay as a down payment.
- Assets and income-You should also take into consideration your assets and income before you apply for a mortgage because you need to ensure that you will have the ability to pay for your loan. This is not a good time to quit your job because this will affect your mortgage application from being approved. Don’t switch jobs too if you are planning on applying for a mortgage.
- Pay off your debts-The largest loan you’ll ever be taking out is when you buy a home, which is why mortgage lenders are going to be very conscious if you have existing debts. To prove to a mortgage lender that your application will not spread you thin, is to make a point to pay off larger debts first before you open any line of credit or apply got a mortgage loan.
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These are just a few things that you should consider if you are going to apply for a mortgage in Canada. By ensuring that you meet these requirements, you can improve your chances of getting approved.
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