HOMELOANS

MORTGAGE BROKER CALGARYAvoid fudging the numbers on your loan application. It is not unusual for people to consider exaggerating their salary and other sources of income to qualify for a larger home loan. Unfortunately, this is considered . You can actually be criminally prosecuted, even though it doesn’t seem like a big deal. Never take out a new loan or use your credit cards while waiting for your home mortgage to be approved. This simple mistake has the potential of keeping you from getting your home loan approved. Make sacrifices, if need be, to avoid charging anything to your credit cards. Also, ensure each payment is received before the due date.

Draw up a budget before applying for a home loan. It is important that you know how much you can realistically spend on a mortgage payment. If you aren’t paying attention to your finances, it is easy to overestimate how much you can afford to spend. Write down your income and expenses before applying for the mortgage.

Be careful when taking out a second line of financing. Many financial institutions will allow you to borrow money on your home equity to pay off other debts. Remember you are not actually paying off those debts, but transferring them to your house. Check to make sure your new home loan is not at a higher interest rate than the original debts.

Find out how much your mortgage broker will be making off of the transaction. Many times mortgage broker commissions are negotiable just like real estate agent commissions are negotiable. Get this information and writing and take the time to look over the fee schedule to ensure the items listed are correct.

Because the mortgage industry is not regulated, get your loan from a reputable company. Avoid working with a mortgage company that is only available to you online. It is important to choose a company that is known to you and who will be available to you. Do not use the services of a mortgage broker who records your income or expenses inaccurately.

Shop around for the best home mortgage. Ask for referrals from friends or family members who have recently applied for a home mortgage. They will give you first hand advice about how the mortgage broker performed. Additionally, ask your real estate agent for referrals of good mortgage brokers in your area.

Consider your personal comfort level when it comes to how much you want to spend on a home before talking to a mortgage company. If your lender decides to approve you for more than you can realistically afford, it will give you a little wiggle room. Just be careful not to bite off more than you can chew. Doing this might mean serious financial troubles later in life.

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