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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

How Many Homes Should You Tour Before Buying?
October 23, 2019 @ 5:49 PM by: Resvick & Associates

If you are beginning the home-buying process, you may begin to wonder how long it will take until you find the perfect home for you and your family. The answer to that varies due to different factors. Check out these three factors on how many homes you will tour before buying:

The State of the Market

A buyer's market is when there are few houses for sale and the ones that are available, sell quickly. This creates a higher demand for houses as people scramble to buy what they can. If the location you are considering seems to be a buyer's market, you may be competing with multiple buyers for the same house. If you are hesitant with a house because you think a better one is out there, someone else may swoop in and sign a contract. This leaves you with fewer options and a long time trying to find a house. If you find yourself in this situation, you will probably need to move as quickly as possible if you want to secure a home.

Knowing What You Want

If you are specific about the type of house you would like, then it is usually much easier for a real estate agent to suggest properties to tour. For example, if you insist on living in a house with a backyard, they will refrain from suggesting a high-rise condo. If you are more open to various options, you have a bigger playing field, and it may take some time to sort through the selection. Before you begin your search, take some time to really consider what you are looking for.

Your Willingness to Compromise

Home buyers usually have a list of things they absolutely need to have in their potential home. However, all of the amenities you are looking for might not be in the right location or fit within your budget. For example, a three-bedroom house a short drive from downtown may cost thousands more than that same type of house further away. If you are willing to compromise on what you want, you can find a home much quicker. 

Finding the perfect house for you can take weeks, months, or even longer. To shorten this length of time, know what you want, and be willing to compromise. Soon, you will be able to find the home you have been dreaming of and begin life as a homeowner. 

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