Get the Best Mortgage Rate: 5 Tips for Financial Fitness
When the time is right for you to buy a home, make sure you are financially fit and eligible for the best possible mortgage rates. Here are our top five tips to boost your “financial fitness”:
1. Whip it. Whip your credit rating into shape: pay your bills on time… every time. Keep your oldest credit card for its history, and make sure it’s always paid on time. Try not to apply for any new credit.
2. Follow the 33% rule. Never run up a credit card or line of credit past 33% of its available limit. If you’ve got a $3,000 limit, then $1,000 is your absolute ceiling.
3. Cash is king. Gather up the maximum down payment possible. The more money you put down on a home, the better.
4. Be prepared. Put together a file folder with the following: pay stubs, or proof of self-employment income, list of debts and assets, and current bank statements. We can advise what you’ll need.
5. Start a dialogue. Talk to us about your plans. Find out if you can pre-qualify, and ask about how you might qualify for the best possible rate.
The process of qualifying for a mortgage begins long before you decide to buy a home! But if you make a plan to improve your financial fitness… you’ll have no shortage of lenders willing to compete for your business. For more information or a connection to a great Broker just give me a call. I am happy to help.
This entry was posted on November 6, 2013 by kevinbakerrealestate. It was filed under Buyers, Local Kitchener Waterloo, Sellers and was tagged with Bank of Canada, condo, first time home buyer, full time realtor, home buying, home value, inventory levels, Kitchener waterloo, lofts in kitchener, market update, Mortgage News, Mortgage Rates, real estate, Remax, waterloo ontario.