Yes, you read that title right. You need to implement a plan. Your mortgage is one of the biggest decisions you will ever make financially, and it is already stressful. Planning will alleviate your concerns as you will have the time necessary to carefully consider your options instead of feeling rushed to locate seemingly obscure documents. Would you invest your RSP’s or investment account with anyone or would you take the time to research your options and plan?
Take the same approach with your mortgage!
There are so many variables that come into play, especially with all the new rules that have come out, not to mention the stress test.
Do you know how your credit is scored? Sometimes we can get your score significantly higher within a month!
Do you know how payments are calculated? A credit line, even if you are only paying interest, is calculated at a mandatory repayment of 3% of the balance. The same as for credit cards which can dramatically affect your mortgage approval.
What if there was something on your credit report that you didn’t know about and you find out during the process? Mortgage planning allows the time to correct these errors ahead of time.
Where is your down payment coming from? Do you know the verification process for this? Did you know we need to verify the source all deposits over $500? We do and again, planning gives you the time necessary to collect the necessary paperwork.
Income, do you know how its calculated and what can actually be used? Do you have a ‘side gig’ and want to use that income? What other sources of income can you use (Child Tax Credit? Rental Income? Bonus Income? Overtime?) These are all allowable but may need additional documentation.
There are so many moving parts to the process, but don’t worry AC Lending is here to help and make the process as seamless as possible. Get it touch with us and let’s get planning!!
“Success is not final, failure is not fatal: it is the courage to continue that counts”