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Are you a first-time homebuyer waiting for your opportunity to dive into the housing market? Despite what you may be reading in recent headlines, you shouldn’t feel discouraged just yet. In fact, you may be able to purchase sooner than you think – even if the bank has suggested otherwise.
Of course, rate increases and changes to the mortgage qualification process are top of mind for potential buyers. But with a little planning, and the support of your mortgage broker, this just might be your year to buy.
Here are four points to consider if you’re preparing to buy your first home:
While the new mortgage rules have certainly impacted affordability for many homebuyers, there are always options. At CVE Mortgage Group, we have access to lenders who can secure financing under the old rules. This means if the properties in your ideal area all seem to be just slightly out of your price range, this may not be the case. To find out how much you can really afford, get in touch with us.
Mortgage brokers have been around for decades, and yet people still immediately think of turning to their bank when it comes time to apply for a mortgage. Not only can we beat the rates at the bank, but we also provide a personalized service, ensuring you feel well advised and supported every step of the way.
Plus, we often have a higher pre-approval number than the banks do. In fact, we’ve been able to secure financing for clients who were told by their bank that they wouldn’t be in a position to buy for another four or five years.
If you recently got turned down for a loan due to a poor credit score, don’t give up hope just yet. There are a number of simple and strategic steps you can take to improve your credit score as quickly as possible.
For example, if you have a $10,000 limit on your credit card and your balance stands at $9,500, you’re better off to pay down that debt before seeking a mortgage approval. Not only will doing so bring up your score, but it will also mean you’ll be able to put a lower down payment on your first home.
We recently had a client who was told by the bank that having their parents co-sign would mean they would have to pay capital gains. This is not the case. It is not unusual for parents, grandparents or other friends or relatives to co-sign a mortgage loan. Of course, you and your co-signer should both be educated on what exactly this entails. The fact is, getting a co-signer is not just a perk, but a necessity for many first-time buyers looking to get into the market.
Have questions about your future in home ownership? We’d be happy to discuss your options with you. Get started today by filling out our quick and easy online mortgage application, or connect with us and we can walk you through it.
If you have a comment about this blog post, have questions about the different mortgage types we provide or wish to ask any other questions about how to get a mortgage from CVE Mortgage Group, please feel free to contact us