I just had a BBQ at my house and invited some
of my clients to it. It was a great opportunity to get to know them better and
to thank them for their business. One
message that kept coming up during friendly conversations at the BBQ, was that
they were surprised they could get a good mortgage. A few of my clients had
mentioned to me that they were turned-down for a mortgage at their own bank and
even discouraged by their friends or family.
Have you
wanted to buy home, but think you can’t qualify for a mortgage? Here are some
common misconceptions about qualifying for a mortgage.
Myth: I don’t have a down payment I can’t qualify for a mortgage.
Fact: There are mortgage options for people with good credit
history and job stability, but don’t have the full 5% for the minimum down
payment. Some mortgage lenders will lend you the money for the down
payment. Rates are normally about 2%
higher than the best discounted rate.
The rate would still be below 5.5% but you would not need a down
payment! This is a great way to get into
a home, if you’re having a hard time saving for the down payment.
Myth: I was turned
down by my own bank before for a mortgage – I won’t be able to get one now.
Fact: There are options for people who have been turned down
by their bank, that are cost effective. For
example, some banks will turn you down for a mortgage, if you haven’t been
employed with the same company for a three full years. As a mortgage broker, if
you have a full-time job and are no longer on probation, even if you’ve only
been at the job for a few months, you likely would be able to get a mortgage.
Myth: Mortgage brokers charge a fee. I should go to my bank first.
Fact: Mortgage brokers have become one of Canada’s top
choices for people looking to buy a home or investment property. That’s because they offer great rates. If you
have good credit and job stability you can get better rates through mortgage
brokers and there are no extra fees!
If you're interested in how you can qualify for a mortgage please call me at 519-763-39 ext.1001 or e-mail me at lastovic.s@mortgagecentre.com
