Your Trusted Mortgage Advisors Blog

Your Trusted Mortgage Advisors

5 ways to improve mortgage qualifying success

Yes new mortgage rules have made it harder to qualify for a mortgage, whether you are a first-time buyer or looking to renew or refinance your mortgage with a new lender. That’s why you should get yourself mortgage ready well in advance. Here are 5 tips to help you do just that:

  1. Get your Credit Report. Getting a copy of your credit report will let you know how you will be viewed by lenders. You can order yours for free through the mail or for a small fee online at www.equifax.ca as well as www.transunion.ca If you spot a problem, call us for assistance to resolve the issue.
  2. Polish your Credit.You can boost your score by several points fairly quickly with continual good credit habits. Most importantly, pay your bills on time, every time. Don’t let your credit accounts exceed 50% of the credit available. Before you cancel any credit cards, get advice. And don’t apply for a store card just to save on your purchase that day. Make a habit of checking your credit score each year, and watch how those good credit habits push your credit score skywards!
  3. Cash is King. Plan to go into homeownership with the maximum downpayment possible. If you are in the "saving up" stage of preparing for homeownership, now is the time to meet. There are several downpayment savings strategies available that we can put to work for you.
  4. Get a boost from Family. Parents and grandparents have enjoyed the personal and financial benefits of home ownership themselves, and see how hard it is today to make that important first step into the market. Check to see if they are willing to help by gifting or loaning some or all of the downpayment, or by helping you with other debts.We can help you be fully prepared to get you where you want to go, and to make sure you can take advantage of any opportunities that come your way.
  5. Start a Dialogue early. Get in touch early to talk about your purchase, refinance or renewal plans. We can help you be fully prepared to get you where you want to go, and to make sure you can take advantage of any opportunities that come your way.

Also remember,history has proven that it is almost impossible to perfectly time the market.Home ownership has proven to be a very solid investment over the long term, so focus on buying a home when you are financially ready and when it fits your lifestyle.

Troy Resvick, MBI

Managing Partner / Senior Mortgage Advisor

Invis - Resvick & Associates Mortgage Advisors

T: 604.532.8769 ext. 1

Category: Miscellaneous (30 posts)
Easy Ways to Repay Your Home Loan Early and Free Up Cash for Family Adventures
November 27, 2019 @ 6:32 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

What is the Difference Between a Home Equity Loan and Refinancing?
November 13, 2019 @ 6:30 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

3 Essential Tips For New Real Estate Investors
February 28, 2019 @ 12:37 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

How to Improve Your Chances of Being Approved for a Mortgage
December 24, 2018 @ 11:58 AM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Buying Your First Home: When Are You REALLY Ready?
December 13, 2018 @ 12:26 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

The Pros And Cons Of Reverse Mortgages - A Quick Guide
November 28, 2018 @ 2:39 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

3 Lesser-Known Ways to Invest in Real Estate
November 14, 2018 @ 5:02 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Real Estate: Four Features of Profitable Rental Property
October 24, 2018 @ 4:35 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Five Surefire Ways to Ensure You are ready to Buy a Home as a Recent College Graduate
October 10, 2018 @ 4:53 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Four Home Renovation Projects That Will Boost the Value of Your House
September 12, 2018 @ 2:47 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

5 Reasons Why Your Home Isn't Selling
August 22, 2018 @ 1:55 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

The Differences Between a Credit Freeze and Credit Lock, and How They Can Protect You from Identity Theft
August 8, 2018 @ 2:15 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

House Flipping 101: How to Prevent Injuries During Demolition Days
July 25, 2018 @ 2:35 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

6 Home Renovations That Will Increase Your Home's Value
June 27, 2018 @ 2:44 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

How to Know If You Should Buy a Home or Continue Renting
May 23, 2018 @ 1:43 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Tips to Ease the Moving Process Along
April 25, 2018 @ 12:21 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Five Things to Consider Before Flipping a House
March 28, 2018 @ 12:54 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

Thinking of Buying a Home? Ask Yourself These Questions First
March 14, 2018 @ 2:37 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

The Advantages and Disadvantages of Buying a New Home vs an Existing Home
January 10, 2018 @ 2:16 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

Can You Afford to Buy a New Home?
December 27, 2017 @ 3:57 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

What to Look for When Buying Your First Home
December 13, 2017 @ 2:10 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

Seven Inexpensive Home Staging Ideas for a Quick Sale
November 22, 2017 @ 1:55 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

Buying Your First Home? Be Prepared for These 5 Startup Expenses
October 24, 2017 @ 12:49 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

Preparing to Sell? Do This First
September 27, 2017 @ 1:16 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

10 Mistakes First-Time Homebuyers Make
August 23, 2017 @ 2:05 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

5 Things First Time Home Buyers Should Do Before They Go Shopping
July 26, 2017 @ 12:45 PM by: Troy Resvick
... [read full post]
Posted in Miscellaneous

Pac-Man
January 26, 2015 @ 12:25 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

If you're Browsing these pages for clues..........
December 12, 2014 @ 1:48 PM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

Our Purchase Plus Improvement Program
May 30, 2014 @ 10:54 AM by: Resvick & Associates
... [read full post]
Posted in Miscellaneous

2 Out of 3 Don't Shop at Renewal
October 26, 2011 @ 4:31 PM by: Roar Admin
... [read full post]
Posted in Miscellaneous

Bookmark and Share