First Time Home Buyers

5 Reasons A Mortgage Can Be Denied Even After A Pre-Approval – Enter the Quick Close Mortgage

For many Canadians, purchasing a home is the biggest and most impactful decision they will have to make in their lifetime. While trying to find the perfect home can be challenging, there are steps you can take to ease some of the pressures. Getting pre-approved for a mortgage can be a very beneficial first step in your home search. A pre-approval gives you an understanding of the types of homes you can comfortably afford so you can narrow down your house search and find your dream home more efficiently.

While getting a mortgage pre-approval can help you feel prepared for your property purchase, it can easily become a false sense of security as your closing date approaches. It is important to remember that it does not guarantee you will actually be approved for the quoted mortgage financing. Typically, you can get pre-approved 90 days to 120 days prior to the closing date on you home purchase. If nothing has significantly changed with your income or your financial standing in that time, you should have no problem having the mortgage funded in time for your closing. However, if you have undergone an unexpected job loss, a sudden debt accruement, or any other major life change, then your mortgage financing may be jeopardized and canceled by the bank at the very last minute.

In order to help you stay prepared and ensure your pre-approval doesn’t fall through, Maxium has compiled a list of the 5 biggest reasons why a mortgage is denied after pre-approval. Otherwise you might be looking for an emergency mortgage loan at the very last minute.

Changes in Employment

Mortgages can commonly be denied because of an employment change. Although it entirely depends on the type of loan you are getting pre-approved for, most lenders will not be able to guarantee that you will receive your mortgage financing if you switch jobs. Many mortgages actually require the borrower to have at least two years of consistent income and a stable employment history in order to qualify.

While most job changes are frowned upon during your home purchase process, there are some exceptions to the rule. If you are switching employers but keeping the same career and similar or greater income level, you might not be endangering your mortgage pre-approval. For example, if you are working in software development and decide to transition to a different company for a higher pay, your mortgage approval will likely not be impacted.

If you do have the option to hold off on your career transition, it is always safest to wait until you have signed both your ownership agreement and mortgage contract before making any changes. However, regardless of the career change or job transition you are considering, you should always talk to your mortgage broker first. A mortgage broker will be able to give you the most sound advice on whether it is in your best interest to get a new job once your mortgage funding has been released.

Negative Impacts to Credit Score

While your credit doesn’t need to be perfect to qualify for a mortgage, big changes to your credit score can jeopardize your mortgage pre-approval. Every lender has a varying criteria for the credit scores they want to see in their borrowers. If your credit score drops suddenly, the lender that pre-approved you might not be willing to sign off on a mortgage and your deal could fall through. Thus, it is very important that each borrower knows their credit score following their pre-approval and understands how credit can be negatively impacted in a short time.

Even if you can still get approved for a mortgage with your new lower credit score, you might have to settle for a higher mortgage rate, which is less than ideal. In order to avoid any potential disappointments, it is best to continue to make your debt payments on time and not do anything that can drastically affect your credit in the 4 months leading up to your mortgage finalization. If you are worried about your credit, read this article containing tips on how to improve your credit score.

New and Unexpected Debt

Another common reason for lenders to deny a mortgage following a pre-approval is because the borrower has procured a higher level of debt. In the time before you finalize your mortgage and home purchase, you should refrain from taking on any more debt than you currently have. Even a small increase in debt or a new line of credit could put your mortgage pre-approval in danger. An increase to your debt, no matter how insignificant, can alter your debt-to-income ratio and result in your mortgage being denied.

Before you rack up your credit card or take out a new loan, it is recommended that you speak to your mortgage broker about the decision. A good mortgage broker will almost always advise you to wait until your paperwork is signed before you make any sudden financial movements.

Lender Guideline Changes or New Requirements

It is important to remember that even when a borrower has already been pre-approved by their lender, they are not exempt from any new guidelines or requirements that the government or individual lenders implement. If a lender changes their minimum credit requirement from 600 to 620, borrowers with a lower credit score will lose their mortgage pre-approval. Although this may sound frustrating, a good mortgage broker will likely be able to get you approved with another lender whose restrictions are slightly different.

Other changes to lender requirements or qualification guidelines that could cause your mortgage to be denied after pre-approval are debt to income guideline changes and variations to the amount of savings expected of a buyer.

The Appraisal Comes in Too Low

If you are purchasing a home straight from the builder, than in most cases you won’t need to have the home appraised, and the banks will provide you with a mortgage loan based on the purchase price that you are paying for it. If you are buying a pre-existing or pre-lived in home, then almost always the mortgage lender will require an appraisal that is conducted by an accredited appraiser of the lender’s choice.

A good mortgage broker will help ensure that the appraisal for your home is ordered on time and from the right appraisal company in order to help you maximize your chances of having a smooth and easy time with your mortgage financing.

Unforeseen external situations like this demonstrate why borrowers should always work with a mortgage broker and industry expert who can help them navigate such unexpected circumstances.

Tips To Ensure Your Mortgage Doesn’t Get Denied After it Already Gets Approved or Pre-Approved

A common question that is asked by borrowers is how they can ensure their mortgage doesn’t get denied following their pre-approval. It may seem silly, but the best answer is to keep doing exactly what you were doing before you pre-approval. Since you already got approved for a mortgage, all you need to do is stay in the same financial standing as you did before your pre-approval. A mortgage pre-approval typically lasts for 120 days so your job as a borrower is to keep your finances steady until you purchase your home. Mortgage lenders and mortgage brokers will do everything in their power to see as many of their pre-approvals make it to closing, so you don’t have to work too hard.

Here are some additional tips for borrowers that want to make sure their mortgage will not get denied last minute:

Don’t make large deposits into your bank accounts within the last 90 to 120 days before your mortgage is due to close and fund without having proof as to where the money came from
Don’t withdraw large amounts of money from your bank accounts within that same period of time
Don’t take on other lines of credit, new credit cards, new car loans, or any other kinds of loans
Don’t accrue more debts by carrying a higher balance on your existing credit cards
Keep some money aside in the event that your closing expenses are more than originally estimated
Provide all requested documentation to the lender as quickly as possible early on in the mortgage application process. You can find a list of common documents that you may need to provide to your broker or lender in our Mortgage Document Checklist blog.

A mortgage denial is one of the biggest reasons real estate deals fall through and why so many borrowers turn to Maxium Dsouza for help with a quick closing last-minute mortgage. It can also be incredibly frustrating for an already approved borrower to have their mortgage stripped from them at the very last minute, because in can mean that they can lose the property and deposit.

Even if you have just been pre-approved from your bank and haven’t yet started looking for a house or a mortgage, working with a mortgage broker is in your best interest. Maxium will make sure you are aware of how a mortgage can be denied and that you are well prepared and setup for a successful mortgage transaction, so that you never have to worry about losing out on your dream home!

Maxium is a experienced and knowledgeable mortgage broker and will help you stay informed on the best way to avoid potential situations that could lead to a mortgage denial. He will be able to give you specialized advice on how to deal with the unforeseen circumstances that could jeopardize your future home.

Call or text Maxium today at 437-353-9977 or email us at


Home Renovation Loan

Maxium Dsouza – Mortgage Broker Can Help Your Home Renovation Dreams Come True With A Quick And Easy Home Renovation Loan!

Whether you are interested in renovating your home to update it’s look, expanding your home by adding an additional section to it, or improving your home for the purpose of continuing to live in it, rent it out, or sell it, Maxium has you covered financially!

If you are like most Canadians, you might not have enough money saved up to pay for all of the renovations yourself. Luckily Maxium is here to help by offering you a wide range of financing options to help you finance your renovation project at an affordable rate.

He can help you find the right financing solution to finance all of your renovation costs including renovating a bathroom, renovating a basement, adding side or rear extension to your home, adding a garage, refinishing the exterior of your home, repairing damages, or for any other renovation need that you might have. Since renovations can be very costly and sometimes required unexpectedly, it can be hard to save up enough money to cover the costs.

Here are a few financing options that Maxium can help you with!

How Can I Finance My Home Renovation?

Many people think that going to a home renovation centre such as Home Depot or IKEA and applying for their store credit card is a good way to pay for their home renovations. The reality is that many of those store credit cards come with interest rates that are significantly higher than those of more traditional financial lending institutions. Fortunately, Maxium has better options for your that can help make paying for your home renovations easier and less expensive.

A Home Equity Line Of Credit (HELOC)

If you have enough equity in your home then you can leverage that equity in order to obtain a home equity line of credit, commonly known as a HELOC. A HELOC is a great option if you plan on pulling money in and out from your credit line. The more equity that you have available in your home, the larger the HELOC loan you can be approved for. If you have enough equity in your home, then you might be able to get a large enough HELOC to cover the costs of all of your renovations. A HELOC is a good option because of the low interest rates that are currently available to borrowers. A HELOC from a bank can start as low as 3% provided that you qualify for that rate.

A Home Equity Loan Or Second Mortgage

With today’s increasingly strict bank rules and mortgage stress test that banks have to follow, it has become increasingly difficult to qualify for a HELOC at a chartered bank. If you need the money quickly, or if your bank turns you down, then you can always apply for a home equity loan or second mortgage. Though the second mortgage rates tend to be higher than a HELOC from a bank, you will find it much easier to qualify for a higher loan amount and get approved with much less hassle and stress.

Even though the rates tend to be higher than the ones you might get through a HELOC at a bank, second mortgage rates and home equity loan rates are still much lower than the interest rates you would get through a store credit card.

Refinance Your Current Mortgage

Another option for financing your home renovation is to refinance your entire current mortgage for a higher amount at a lower interest rate than a HELOC or a second mortgage. This can be a great option if you are several years into your current mortgage or if the value of your home has increased since you took out your current mortgage.

A Draw Mortgage

Although this option is more popular among larger renovation or construction projects, a draw mortgage can be used as a form of renovation loan. If you qualify for a draw mortgage, your funds will be advanced to you in intervals based on completing various predetermined milestones throughout the renovation project. This helps reduce the risk to the lender as they are only lending money as it is needed and as previous renovation steps are completed.

In some cases, when the renovations are substantial enough and are expected to add significant value to the home, some lenders will approve you for a draw mortgage that exceeds 100% of your home’s current value.

Maxium can help you make the right and most economical decision base on your current financial situation and your renovation needs.

Call or text Maxium today at 437-353-9977 or email us at for a Free No-Obligation Home Renovation Loan consultation.


Home Equity Loans

If You Own A Home And Need A Loan, Maxium Dsouza – Mortgage Broker Can Help You Get APPROVED!

Are you a homeowner interested in a loan? Then he can help you get approved using the equity you have in your home. As house prices have increased across parts of Canada, home equity loans are becoming a more attractive idea to many homeowners. Even if the price of your home decreased, you can still be approved for a home equity loan if you have enough equity built up in your home.

What Is A Home Equity Loan?

A home equity loan allows a borrower to use the equity in their home to secure a loan. The amount of available equity in a home is calculated by assessing the current value of the home and then subtracting the current mortgage(s) still owing on the home from the value. Maxium can help you get a home loan of up to 90% of the value of your home depending on a variety of factors. It is often easier and faster to get a home equity loan because in many instances they don’t even require a credit cheque or complicated application process.

What Are The Types Of Home Equity Loans?

There are two types of home equity loans offered by lenders:

      Fixed Rate Loan or a Second Mortgage: With a Fixed Rate Loan or Second Mortgage, the borrower is given the option to withdraw a total lump sum of cash up front and make monthly interest-only payments. The interest rate is set once the loan is agreed upon and can change only at the time of renewal. In many cases there are no credit checks and is ideal for people who either have poor or bad credit, or have lower income, or are self-employed and report their income in a less traditional way. Even if you are turned away by the banks, in many instances you can still qualify for a Fixed Rate Home Equity Loan or Second Mortgage as long as you have equity in your home.
      Home Equity Line of Credit (HELOC): With a HELOC, the borrower gets approved for a line of credit from which they are able to continuously withdraw cash from the pre-approved limit as needed. A HELOC is a more flexible borrowing option because the balance of the loan and the interest costs depend on how much the borrower uses on the line of credit. If you have outstanding credit and a high enough income, this can be the more appealing option because you are only required to pay interest on the amount of the HELOC you have actually used. Unlike a fixed rate loan, interest rates for a HELOC are usually variable and can change based on market trends.

What Are The Benefits Of A Home Equity Loan?

Home equity loans are a great option for homeowners with bad credit or low income, or in many cases people who are self-employed who report their income differently than those who are salaried employees of a company. Borrowers can use the sum of the loan for many different reasons such as for consolidating debt, funding home renovations, paying for a child’s tuition, or financing other purchases or bill payments. For many borrowers, their home equity can be the biggest asset they have and their best way to secure a larger loan.

Call or text Maxium today at 437-353-9977 or email us at info@maxiumdsouza.cafor a Free No-Obligation Home Equity Loan consultation.


What Do Mortgage Brokers Do?

A Great Mortgage Broker ALWAYS Puts The Customer First.

Whether you are applying for a mortgage on the purchase of a new property or are looking to refinance your existing property, working with a reputable and experienced mortgage broker can help you get approved for the right mortgage to fit your personal and family needs. Having a great mortgage broker or mortgage agent working for you can make the difference between getting approved at the best possible mortgage rate, getting approved at a higher rate than you could qualify for, or in the worst case scenario not getting approved at all.

Maxium always put his customers needs first and do whatever it takes to ensure that you, our valued customer, will receive the best service in the industry. He is in your team, shopping around and fighting to get you approved for the best possible mortgage rate and terms that you can qualify for.

Mortgage Brokers Provide More Options And Easier Approvals Than The Banks

The right mortgage broker or agent will be able to help you with all of your real estate financing and refinancing needs. With today’s tough mortgage regulations, many Canadians are finding it next to impossible to get approved for a mortgage through their banks. Mortgage Broker will shop around with many different lenders, including traditional banks, to help ensure that you get approved for the best possible mortgage solution.

Why Do I Need A Mortgage Broker And What Can They Help Me With?

Maxium specializes in each of the following scenarios:

New Home Purchase Mortgage
Residential and Commercial Mortgage
Home Refinancing
Commercial Property Refinancing
2nd Mortgage
3rd Mortgage
Bad Credit Mortgage
Turned Away By The Bank Mortgage
Self Employed Mortgage
Home Renovation Loans
Private Mortgage
Stop Power Of Sale
Debt Consolidation Loans
Home Equity Loans
Construction Loans
Land Purchase Financing
Bridge Loans
Short-Term Mortgages
And more

If you would like honest, non-biased advice and guidance about your mortgage and home or commercial financing needs, an experienced licenced mortgage broker is the best person to consult with.

Call or text Maxium today at 437-353-9977 or email us at for a Free No-Obligation mortgage consultation.

Home Ownership

Home Selling Season is Around the Corner: Tips to Get Ready

Home selling season is rapidly approaching. In most cases, spring is the top time to sell a home. One reason spring is the top-selling season is that home buyers align their moving schedule with their children’s school year. A home sold in April, may have a closing date in June that coincides with their child’s last day of school. Parents who want to move into a new area prior to the next school year may purchase in June to have their move completed in August. Homes also tend to show better in the light of spring rather than in the dark or dreary snow-laden days of winter.

Showing your home in the spring may give you a chance to perk up the outsides too for greater curb appeal. If you’re considering taking advantage of the spring sale market, you can get started now by targeting three significant factors: remove clutter, repaint the walls, and check your curb appeal.

Remove Clutter

It goes without saying that most homeowners who are selling will want to slim down their clutter. You won’t want to move all your clutter to your new home anyhow so sorting it early will be helpful.

You can start downsizing your possessions on your own or hire a professional organizer to help you. Decluttering is often more laborious and emotionally taxing than one might first assume, so getting an early start is important.

Creative ways to remove clutter includes these methods.

Rent a storage pod. Using a storage pod is a great idea if your purpose for removing clutter is to show your home in a more minimalist fashion. Simply put the items you want to take with you in the storage pod as a temporary way of hiding the excess from potential buyers. Items you may want to put into a pod include your book collection, children’s toys, extra tables or chairs, and memorabilia. A storage pod can be filled on your driveway and transported off the property just prior to your home showing.

Give away clutter on a free table. Save yourself a trip to the thrift store by giving away your excess items to passersby. Simply set up boards on chairs or set up tables to place items to give away for free. Add a free sign and go back to what you were doing. Unlike a garage sale, you don’t need to monitor the items. They will disappear in no time. Do be careful, however, with the tabletop you use as it might be taken too.

Donate leftover items to a local thrift shop or charity. Some thrift shops will give you a receipt for items of value you donate. If you’re fortunate, a local charity may pick up donations from your home and save you a trip.

The process of letting go can bog anyone down. Some people get caught up in hoping family members will want their items. In this era, many younger people don’t want dated items. Also, it’s hard to make much money on reselling items online or at a garage sale. Be careful about spending too much time looking for money from your items or trying to find the perfect home for your clutter.

The way to let go easily of your long-loved possessions is to trust they will end up where they’re meant to go. By releasing them from your grip, another person can enjoy them. When you give generously, you will reap benefits from feeling helpful.

Repaint Your Walls

Unless your painted walls and finishes are in like-new condition, it is wise to repaint before putting your home on the market. Painting your home is one area of its sale you can control. New paint inside and out offers the best payoff of all the home preparation you may do.

A professional painter will do a much better job of painting than the average homeowner might. Although hiring a professional painter won’t come cheap, you’ll be glad to have made the investment. A fresh coat of light or neutral colour paint will show your home well on an online listing and make your home look well-cared-for to viewers who see it in person.

Curb Appeal

Curb appeal is how your home presents itself to a viewer looking at it from the road. If the weather is cooperating, you may be able to address your home’s curb appeal before listing it in the spring.

A potential buyer will look at the condition of the home’s outside paint, siding, porch, walkway, windows, and gardens. In early spring, you won’t likely be able to tend your gardens, but you can pick up debris that may have collected over the winter. Ensure you’ve put away winter shovels, sleds, and holiday lights. Get anything that is bent and out of shape repaired. If there is any painting to be done on the exterior, ask a painter if the temperature is right for completing the project now or not.

There are many factors involved in preparing your home to sell. Decluttering, repainting and addressing your home’s curb appeal are three factors you can get involved in as you move closer to your listing date.

With spring fast approaching, don’t waste another day to get started on refreshing your home for the spring home selling market. Prepare your home for sale starting with these top home-selling guidelines.


Should You Pay Off Your Mortgage Early?

It’s a dream to be able to pay off your mortgage early, but is there a downside? While it sounds like a great idea, there are some factors to consider before doing so. This article will explore some of the reasons you may want to hold off on that final payoff amount.

Other Debts

If you have various other debts (credit cards, auto loans, etc.) it’s a good idea to pay those off before the mortgage. Why? Well, credit cards usually have astronomical interest rates so that outstanding balance will only grow if you choose to put all your money towards your mortgage.

That extra interest on your credit card or auto loan isn’t tax deductible, which leads to the next point.

Check for Penalties

Some mortgages come with a prepayment penalty. If you’re thinking about paying yours off early, then check the fine print to see if it applies, and also run the numbers to see if early payoff makes sense.

Fund Your Retirement Plan

Before you go paying the mortgage off, consider funding your retirement plan. If you don’t have one already, it may be a good idea to set one up as they are tax advantageous.

Once you get a good handle on your retirement plan, paying off the mortgage might be next on your list. A good-sized nest egg and a home that’s mortgage-free sounds like a great way to start off retirement.

Consider the Side Effects

When deciding to pay off the mortgage, there seems like no downside but there are various things to consider. Will making additional payments put a strain on your savings? How about your emergency fund?

It’s essential to consider your overall financial health when making such a big decision. Although being mortgage-free would be a fabulous feeling, you don’t want to do it at the detriment of your cash flow.

Pull the Trigger

After reviewing all your financial information and deciding what’s best for your situation, be confident in your decision and follow through. It’s a great feeling to be mortgage-free or on your way there. The bottom line is that you need to do what makes you comfortable for your family.

First Time Home Buyers

Real Estate 101: Essential Tips for First-Time Home Buyers

Buying a home is always a big decision, but when you’re a first-time buyer it’s even more important to get it right. Without home-buying experience to draw on, it’s easy to make mistakes you could regret for years to come. Here’s what to avoid

1) Don’t Rush the Mortgage

In the excitement of buying your first home, it can be tempting to sign up for the first mortgage offer you’re approved for. Being too hasty is a serious mistake which can cause difficulties for a long time to come.

It’s a good idea to speak to an impartial mortgage adviser before committing yourself to any deal, but in any case, always bear some simple points in mind.

– Be very cautious about how much you try to borrow, making sure you leave plenty of headroom in your budget. Owning your own home has many extra costs compared to renting, and you need to leave yourself some breathing space to handle them.

– Explore your down payment options. The larger the down payment you can afford, the lower your monthly payments will be. Could it be worth waiting a couple of years to save up a bigger deposit? However, don’t break the bank to increase your down payment, as you’ll need to keep some cash in reserve as an emergency fund.

2) Get a Pre-Approval

But whichever mortgage you wind up getting, set the process in motion with a pre-approval before actually searching for a home. Doing this has several advantages,

– It lets you know exactly which price range you can search in, so you don’t waste time viewing homes which are over your budget.

– It puts you in a stronger position to drive a bargain, as the buyer knows you can access the funds to complete the purchase.

– Seeking a pre-approval will give you an early warning about any credit rating problems or other delays which could slow things down. You don’t want to see your dream home slip through your grasp because of unnecessary delays.

3) Hire a Buyer’s Agent

Most sellers will have a real estate agent to handle their side of the transaction, but it’s less common for a buyer to hire their own agent. However, there are several good reasons why you should consider doing so.

– Having an expert fighting in your corner means you’re much more likely to pay a realistic price.

– You’ll have a better chance of spotting problems with a home before you’re committed to a purchase.

– A buyer’s agent also speeds up the purchase by smoothing out glitches and making sure you’re fully prepared at every stage.

– A good agent’s experience and contact list mean you can find the right property more quickly.

4) Arrange a Full Home Inspection

Before proceeding with a purchase, hire the services of a reputable home inspector. A good inspector will make sure no nasty surprises are waiting for you with the property’s heating system, plumbing, roof, or general structure.

5) Be Careful During Closing

Lastly, once the buying process is underway, avoid making any changes to your financial situation. Don’t switch jobs, take out new credit, or spend large amounts of money.

Anything which changes your credit status, even just by a small amount, could introduce delays or even kill off the sale altogether. Be patient until you finally have the keys to your new home in your hand.

There are plenty of pitfalls lying in wait for the first time buyer. However, if you take your time and learn from others’ mistakes, you’ll soon be happily moving into your new home.

First Time Home Buyers

10 Essential Tips for Taking Out Your First Mortgage

Taking out your first mortgage presents a major financial commitment, possibly the biggest one you’ll ever make, so it’s crucial that you get the best deal available. Getting a mortgage is often not a quick and straightforward process either, particularly since the options available to you will vary depending on factors such as your income, credit score and any past or current borrowings you might have.

#1. Save Up a Large Deposit

In almost all cases, you’ll need to have a substantial deposit to pay towards the home you want to buy. Fortunately, those with higher deposits will be able to take advantage of better interest rates and a wider range of borrowing options.

#2. Choose the Right Mortgage Type

There is a broad range of mortgage options available, particularly to those with larger deposits and excellent credit ratings. Most importantly, you’ll be choosing between a fixed- and variable-rate package. Fixed-rate mortgages lock you into a specific interest rate for a period of up to five years, making them the best choice during periods of low interest rates across the board.

#3. Understand the Extra Costs

When determining how much you need to borrow, you’ll need to factor in the additional costs involved, most of which are unavoidable. Additional costs may include home inspections and real estate fees.

#4. Don’t Borrow Too Much

It can make sense to borrow as much as you can if interest rates are at an all-time low, but only if you have something to invest the money in. After all, there’s no point in having your borrowed money sitting in the bank while you’re paying interest on it. If the home you’re interested in buying needs a substantial amount of work done on it, make sure you get some estimates to find out how much you need to borrow.

#5. Check Your Credit Score

Your credit score determines your borrowing power, and this is one of the first things that potential lenders will examine when considering your application. You can check your credit score online for free using agencies like Equifax or Experian. If you have a bad or neutral credit score, your borrowing options will be fewer or even none at all, so it makes sense to work on improving it before buying a home.

#6. Don’t Change Jobs

Potential lenders are likely to be turned off by applicants who have recently changed jobs, so it’s wise to apply for a mortgage only once you’ve been in the same job for at least six months. If you’re unemployed or still on a probationary period in your job, many lenders will not accept your application unless you have an excellent financial record. Once you have your application accepted, you’re free to do what you want.

#7. Eliminate Debts

If you have any existing debts, they may reflect badly on your credit score, in turn making it more difficult to get a good mortgage deal. You may also find yourself in a situation later where your debts have reached such a level that you can no longer afford your monthly mortgage payments. As such, you should always make certain your financial situation is stable and debt-free before making an application.

#8. Provide Proof of Income

All mortgage lenders require applicants to present proof of income so they can decide whether or not the client is able to make the monthly payments. Your monthly pay stubs should provide all of the information you need. If you’re self-employed, things can get more complicated, particularly if you haven’t been self-employed for a long time.

#9. Overpay When Possible

When choosing a mortgage deal, it is essential not only that you can afford the monthly payments, but also that you will have plenty left over. Since a mortgage is typically a very long-term commitment, you should try to overpay as much as comfortably possible, in order to eliminate the debt earlier on. Paying your mortgage off sooner will look better on your credit score and improve your long-term finances.

#10. Contact a Mortgage Broker

A Mortgage Broker’s primary expertise is locating funding for mortgage financing. They know where the best rates can be found. What’s more, they have the knowledge required to present a proposal for financing to lenders in the best way possible to successfully obtain mortgage financing.

Final Words

Although you should dedicate plenty of time to researching the best deal, it is important to remember that you’re not locked in for the entire duration of the mortgage. You can always remortgage your home later on with a more attractive deal should the opportunity arise. There will be charges involved in transferring your mortgage debt, but the long-term savings can be substantial.