Luciano Giustini
Mortgage Agent
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Why buying your first home during inflationary times is good
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Are you a first-time homebuyer concerned about rising inflation? It's understandable to have some reservations, but rest assured that there are still plenty of reasons why buying your first home is a great idea, even during inflationary times.
Firstly, Canada's housing market has historically been stable and resilient, even during economic downturns. This means that homeownership remains a reliable investment in the long run, and you can feel confident in your decision to buy a home.
Secondly, the Canadian government offers programs and incentives to help first-time homebuyers get into the market, such as the First-Time Home Buyer Incentive and the Home Buyers' Plan. These programs can help you get a foot in the door and make homeownership more accessible and affordable.
Additionally, as inflation drives up the cost of living, owning a home can provide a sense of stability and predictability in your monthly expenses. Unlike renting, where landlords may increase your rent at any time, owning your home means that your monthly mortgage payment will remain the same for the duration of your mortgage term.
Finally, by owning a home, you can build equity and wealth over time, which can help you achieve your long-term financial goals.
As a mortgage broker, I can help you navigate the Canadian housing market and find the best possible mortgage deal for your unique financial situation., now could be the perfect time to take the leap into homeownership.
So if you're a first-time homebuyer, don't let rising inflation discourage you from achieving your dream of homeownership. Contact me today to schedule a consultation and start your journey towards owning your first home.
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For most first time home buyers, obtaining a mortgage is a crucial part of the purchasing process. However, being approved for a mortgage is often easier said than done. It can be disheartening to find that, after spending hours of your life submitting documents and completing paperwork, your bank has denied your mortgage application. For those who want to avoid this scenario, there are some things that you can do to swing the approval odds in your favor, such as:
Polish your credit history
Banks, financial institutions, and credit unions all have near-instantaneous access to your credit report, and will use it as a main factor when deciding whether or not to approve your mortgage application. However, many home loan applicants do not bother to check their report before applying. You should use this to your advantage and scout out your credit report before making an application. If you come across anything unusual or inaccurate on your report you should notify the agency and have them remove it. By making sure your credit report looks as good as possible you are giving yourself the best chance of approval.
Save for a down payment
One of the best ways to boost your chances of mortgage approval is by saving a significant amount of money for a down payment. Lenders love to see applicants with a significant amount of cash on hand as it greatly reduces the risk on their end. You will be able to obtain a mortgage with as little as 3.5 percent down. However, if you want to avoid PMI and really impress your lender, you should try to shoot for a 20 percent down payment.
Job stability helps
Having the ability to hold down a job is a huge positive for your loan application. Sticking with your employer over the long-tern means that your employment status is constant, which assures the bank you have the financial capability and stability to pay back a mortgage over time. Swapping jobs midway through the process is a surefire way to get your application rejected. Put simply, banks want to lend to people who they think can pay them back. Being steadily employed is a great indicator that you will be able to do just that.
The mortgage application process is long and often tedious. However, by utilizing the tips contained in this article you will be able to maximize your chances of success.