Five Tips For Getting a Mortgage

Author: Giuliano Dall’Agnese Mortgage Agent | | Categories: Mortgage Agent , Mortgage Broker , Mortgage Professional

Here are Five Tips for getting a Mortgage in Richmond Hill, ON

When in need of a large sum of money or financial assistance, one of the most cost-effective ways of raising the needed amount is through a mortgage. Interest rates on mortgages tend to be substantially lower due to the fact it is secured against your property. That being said, availing of a mortgage can be challenging depending on your credit history, employment status, and urgency in closing.

Giuliano Dall’Agnese Mortgage Agent is a mortgage expert with an unbeatable track record of shopping around and finding mortgage options to suit every income bracket and finding borrowing options regardless of challenging circumstance or client financial situation.

To help you find an ideal source of funding for your new home and get the mortgage options you deserve, I have put together a list of five tips for getting a mortgage.  

Tip #1: Find a competent mortgage agent
While there are literally thousands of mortgage and financing options available, not all mortgage brokers have access to all lenders. It is essential to shop around and take time researching your mortgage options. Finding a mortgage agent who is well connected and has access to a variety of home financing options and lenders, gives you the ability to choose the best mortgage plan to suit your needs and limitations. 

Tip #2: Have all your documents ready
Documentation is an essential part of most business and personal endeavors. However, when it comes to seeking a mortgage or refinancing your home producing the correct documents and financial statements when requested is critical. Your documentation and proof of earning not only shows your ability to repay the financial assistance but also shows the lender a clear picture of your assets as well as any liabilities like debts and other financial obligations.

Tip #3: Maintain a healthy credit score
In Canada, credit scores range from three hundred being “poor”, to nine hundred being “excellent”. When seeking a mortgage if your credit score is ranked in the “good” to “excellent” range, it makes it considerably easier to get loan and credit approvals while also qualifying you for competitive rates. Simple initiatives like paying your bills on time, not maxing out your credit cards, and keeping your old lines of credit alive go a long way in maintaining a healthy credit score, ensuring you always have access to the funding or financial assistance you may need. 

Tip #4: Avoid overpaying or unusual properties
Checking and sometimes double-checking the value, along with the commercial viability of the property you plan on purchasing is generally a wise course of action. Lenders tend to verify the claimed value of the property and can be hesitant to offer financial assistance if they feel the price is unwarranted or more than the actual value of the property. Hiring a professional mortgage agent can largely negate this issue as their expertise in real estate and finance gives them a better understanding of property rates, values, and lending prerequisites.

Tip #5: Save the biggest deposit you can
When applying for a mortgage or home finance, an important measure that should be considered beforehand is diligent saving for the deposit or downpayment. It is said that making a deposit of twenty percent or more has the potential advantages of more manageable mortgage rates, interest expenses, and reduced monthly payments. 

For more tips on how best to go about getting a mortgage, reach out to Giuliano Dall’Agnese Mortgage Agent I am the leading Mortgage broker in Richmond Hill, ON. Regardless of your financial standing, employment status, or credit score, I work with many different lenders to get you your best rate and prompt mortgage assistance. I offer my consummate mortgage expertise in new mortgages, mortgage renewal, and debt consolidation. I serve clients across Richmond Hill, Toronto, Mississauga, Oshawa, Maple, Woodbridge, Vaughan, Thornhill, Newmarket, Aurora, Brampton, and surrounding areas.

To learn more about our services, please click here. If you have any questions related to mortgage or refinancing, I would love to hear from you. Click here to get in touch with us