The time has finally come and you are ready to purchase a home. First off…congratulations! This is a big step and you are more than likely a little lost in the next part of the process. You are going to need to find a home, get a mortgage, and eventually find a moving company to move into your new home. There a re a lot of steps in between, but we are going to work on the most important…finding the best mortgages Vancouver has to offer! So, where do we start?
Providing Proof Of Income
Of course, one of the most important aspects of gaining a mortgage is the ability to show that you will be able to pay off the loan in a timely manner. In order to prove that you have a stable income, you will have to bring more than your word. You will need verifiable proof such as pay stubs, a letter from your employer, as well as Notice of Assessment forms.
Know Your Credit Score
Of course, you will need a decent credit score to not only get approved but to get decent interest rates. If you are unaware of your credit score, now is the time to look at it. Find out what your score is as well as if there are any mistakes on it that could harm your chances of gaining a mortgage. You can get a copy of your credit score from Equifax, TransUnion, as well as a host of third party sites. If your credit score is not that great, it would be advisable to either pay off some debt or gain new credit.
Finally, one of the most important things about gaining the best mortgages Vancouver has to offer is having an adequate down payment. If you are a first time homebuyer, you will typically only need 5% down. However, if you want the best interest rates and greatest chance of approval, 10% would be better suited.
Alexa Capital Corp.
1687 W Broadway #50, Vancouver, BC V6J 1X2, Canada