Mortgage Approval and How to Get It

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HOW TO GET YOUR MORTGAGE APPROVAL

Getting a mortgage approval doesn’t have to be a scary or traumatic experience. The banks (lenders) all look for the same signals for credit worthiness, and with a bit of planning in advance,  you can ensure a smooth and easy mortgage approval, helping you to get that house of your dreams! By following this timeline plan up to a year before you want to buy a home,  you’ll be well prepared for your eventual move.

1 YEAR BEFORE:
REVIEW YOUR CREDIT REPORT
Access your credit report online at www.equifax.ca or www.transunion.ca – and make sure there are no mistakes on it.
TIP If your score is low, you can begin to fix it now – there’s enough time to make considerable improvements. Start by paying off debt such as a car lease and credit card accounts with amounts higher than $1,500, as this can help boost your credit score.

10 MONTHS BEFORE:
TACKLE YOUR EXISTING DEBT
Smart buyers enter into home ownership with as little extraneous debt as possible.
TIP Focus on bringing your credit card balances to less than 50% of the maximum amount allowed. Credit cards that are at capacity hurt your score.

8 MONTHS BEFORE:
LIVE ON LESS
Home ownership comes with expenses that renting doesn’t: property tax, utilities such as water and heat, and so on. Start putting aside those amounts every month to help you prepare to take these bills on when you are a homeowner.
TIP Park the money in a no tax high-interest savings account and apply it to your closing costs later.

6 MONTHS BEFORE:
RESEARCH MORTGAGE RATES AND COMPARE
Banks and mortgage brokers can sometimes offer different rates. Keep your options open and take the time to do some research on both. Compare what kind of mortgage each one can secure, what their best rate is and what documentation they will need from you.
TIP There’s no such thing as being too prepared! Speak to at least two different banks and one or two mortgage brokers and compare, so you get the best rate you can.

mortgage approval

4 MONTHS BEFORE:
ASSEMBLE THE PAPERWORK AND APPLY FOR A MORTGAGE
Most mortgage pre-approvals are valid for three months, but your broker (or bank) will need time to process your application. TIP Order your credit report yourself. Why? When someone else (such as your broker, who needs a copy) orders your report, that’s a query that is reported to the credit agencies, and it can impact your standing. When you pull the report yourself, there is no impact on your credit standing.

3 MONTHS BEFORE:
START HOUSE HUNTING!
Attend open houses and start looking with a realtor,  knowing in advance exactly how much you can spend. Make sure you get a written copy of your mortgage approval (pre-approval) for your records.
TIP Remember that your pre-approval is a maximum. You may find your perfect home for less. Don’t over extend yourself as it is always better to have a buffer for emergencies.

portions of this article were originally published by Genworth Financial

Luxury Homes

Miami luxury homes

Miami luxury homes

Take the worry out of your option of a builder or architect to develop your brand-new desire home. Various valued and also talented structure designers have gained an enviable track record in building deluxe architect designed residences in Australia. They utilize the solutions of a multitude of specialist developers consisting of interior design, landscape design, hair stylists, modern technology designers as well as specialist service providers to make your deluxe brand-new residence flawlessly matched to your dream area and your specific way of living.

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An excellent building contractor always care for the details and assurance’s you an enjoyable experience in order to give your high-end created house its unique character that can add value to your new residence building as well as enhances your way of life. A real custom-made luxury designer developed house needs to deliver the feature you require along with the appearance you love and be flawlessly suited to your dream place. Certainly, the building contractors in Australia utilize all of their experience and knowledge to direct you via the maze of style alternatives as well as make your personal iconic site. Each and every high-end developed homes is put through the most extensive quality assurance to guarantee your residence is effortlessly constructed.

Architects for Luxury Homes

Six benefits of dealing with an architect who specializes in luxury homes:

1. Customize to your taste: luxury homes can be designed to suite your own personalized wants and needs. Add your personal touch to floor plans, fixtures, and a wealth of amenities both interior and exterior to the house

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3.Solution: You could also have an option to select a deluxe architect developed house strategy based upon your certain criteria.

4. Assistance: The staff of architects and also developers offers technological assistance and building info based upon the residence strategy you have decided on.5.

Ease: The acquiring procedure is quickly and easy.

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