We are the mortgage broker Toronto team with access to almost all the major lenders in this country and a wide range of their features and services. Our priority is helping you get the best terms and the best mortgage rate. We are also happy to supply useful advice you can use.
For example, here are some common mistakes people make during the mortgage approval process. Avoid these pitfalls and things will go more smoothly whether you’re buying commercial or residential real estate.
Stay Away from Large Purchases
It’s tempting to start buying new appliances or furniture when getting ready to receive the keys to your new house. However, it’s not a good idea to make any big purchases before closing on your mortgage.
Buying things with cash will take a dent out of your savings. Using your credit card to buy big items can affect your debt-to-income ratio. Neither one should spike when you’re waiting to close the deal on a new piece of real estate.
Don’t Change Jobs
As your mortgage broker Toronto, the lenders we deal with want to be sure your source of income is steady and reliable before they lend you money. Changing jobs during the preapproval process might make you look a little risky to these people.
Sometimes changing careers can be out of your control. If you’re considering quitting your job, it’s a good idea to stick it out until after the mortgage is closed. Even then, you’ll need to carefully think about how you’re going to pay for extra expenses like utilities and property tax.
Avoid Late Payments
Finally, keep an eye on making loan and credit card payments on time. Be sure to pay more than the minimum so there won’t be an impact on your credit rating.
