Looking to Qualify for a Mortgage and Become a Home Owner?

Looking to Qualify for a Mortgage and Become a Home Owner?

Looking to Qualiry for a Mortgage and Become a Home Owner?

Many home buyers think that if they pay more rent than a mortgage payment, the lender will approve them to purchase.  Lenders want to see a history of how you pay your bills. 

What do you need to have to qualify for a mortgage?

  • Banks and mortgage brokers are looking at your credit score.What is your income, where you are employed and for how long?
    • Do you make your payments on time?
    • Do you have any unpaid collections?
    • Do you have credit cards, or lines of credit and do you have a history of managing them well. 
  • What is your debt and what is your debt ratio to income?


Even if you are a couple each of you should establish your own individual credit history.

Ideally, everyone should have 2 active credit samples when applying for a mortgage, with a 2-year history.  

  • If payments are paid on time you will have a strong credit score.  This shows the lender that you are able to pay your debts in a timely manner. 
  • It shows that you can manage approved credit without using the maximum limit. Ideally, you don’t want to exceed  50-70% of your credit limit
  • If your credit is getting checked it will affect your score, every time it is checked it can lower your score.  ( applying for credit cards, or purchasing a vehicle, bank shopping)


  • Unpaid balances have to be paid to qualify for a mortgage
  • If you are having issues make arrangements to get the balance paid to zero
  • Once reported it will not go away, it will stay on your report. 
  • These do not fall off your credit

A broker can be very helpful with advice in re-establishing your credit.  If your credit is not strong…seek advice you will be amazed at how quickly you can correct and get yourself on track.  It never goes away so the faster you deal with a poor credit score, the faster you can repair it. 

Buying a home should be an exciting experience that you are prepared for with NO stress. As your trusted Real Estate Broker I am here to walk you through all of the important steps & provide you all of the information you need to make the most important purchase, your home. I can assist you with your home, cottage, a home for a family member or a rental property.  Ensure you are getting exactly the service you want and deserve by calling me today. 


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