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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

First Time Home Buyers Guide: What Happens after Sending an Offer to Purchase
June 27, 2019 @ 12:59 PM by: Resvick & Associates

After sending the offer to purchase to the seller, there's nothing left to do but cross some fingers and hope for the best. Or is there? What happens now and when will the keys finally change hands? The time between the now and the closing date is probably one of the most stressful and critical periods in the buying process. After all, there are a lot of things happening at once. At the end of it all, a seller can accept the offer, reject it, ignore it, or send a counter-offer.

Acceptance of the Offer to Purchase

An offer to purchase will have a clearly stated consideration window. This means the seller has until the deadline to consider the buyer's proposal. Most buyers hope it's accepted right away, but that isn't always a good thing. Either party can make amendments to the document if the seller and buyer both agree to them. However, immediate acceptance can also indicate that the buyer made a mistake. Was the bid too low? Were the offer's conditions too generous? Did the seller price the property too low? It's worth considering.

When Sellers Ignore or Reject an Offer to Purchase

A seller might ignore the offer or reject it. This can happen if the seller receives several offers. He or she will focus on the ones that appear to be the most promising and ignore the rest. Alternatively, the seller might simply ask each buyer to submit their best offer, choose one, and close the deal. Immediate rejection could indicate that the bid price was too low, or the conditions were too aggressive. Either way, buyers will have the option to send another offer if they'd like to try again.

Counter-Offers and Negotiating an Offer

In many instances, the first offer to purchase acts as an anchor for negotiations. The seller will change the details he or she isn't happy with and return it to the buyer. The buyer can then make amendments to the offer and send it back to the seller. Sometimes, the changes are minor and easy to negotiate. Other times, things can get difficult, and the negotiations can go for weeks. The outcome depends on each party's needs and how good they are at the art of negotiations.

It would be wonderful if all offers were accepted right away and everyone could focus on moving, but that isn't always the case. Each situation is unique. Regardless of how a seller chooses to react to an offer to purchase, a knowledgeable and experienced real estate agent can help buyers proceed.

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