Happy Monday Everyone!
We had a team meeting with one of our favourite mortgage brokers, who comes with loads of experience and a kind heart. We thought we would share with you a few tips that may help you out if you are in the market for real estate!
If you are a seller: "patience is key!"
Janet advises that financing rules have changed dramatically and not flowing through the process as quickly as it used to; particularly for those that are self-
Another key piece of advice for sellers is to ensure your home is in top notch
condition, particularly when it comes to the appraisal.
For buyers looking for a mortgage.
As we know there are new rules coming in to play. When seeking financing for your mortgage, ensure you have the following information prepared:
1- Down payment
2- Income (whether you are salaried, hourly, self- employed or on contract)
Make sure you have the proper and detailed documentation as everything is double and triple checked. This also informs your mortgage broker as much as possible to enable them to help you!
Very importantly, please make sure you are seeking sound advice from someone
you trust when it comes to financing. When you work with someone to get your
mortgage, ensure they are experienced and knowledgeable as they will be able to
give you the proper advice and seek out different solutions to help you.
On a personal note:
I speak from the heart as a rookie house owner and a seasoned condo buyer, getting a mortgage can be challenging. There is a lot of leg work and a lot of documentation to prepare but the sooner we had our documentation, I felt a good portion of our stress was lifted as our mortgage broker could do her magic, and yes, Janet was our mortgage broker.
To know that you are not alone, let me tell you that my husband and I have been through a lot of deals so far, from a quaint little house that needed (a lot) of work and lenders not interested in financing, to a house that was completely re-done but didn't appraise out (in a big way).
There are battles in the home buying game (sometimes sweat and tears- ok a lot of tears, I own it) but once the one comes, the experience is beyond rewarding. So keep your chin up!
Happy House Hunting and Best of Luck!
*Please note, this blog is not intended to solicit those home buyers or home sellers that are under a current agency agreement.