After spending a show talking about credit profiles a few weeks ago, today Dave and Reb look at the three things needed to prepare for getting a mortgage to buy a home. Having a secure and stable income, a down payment, and a healthy credit profile are all a part of the process.
“The times and regulations have changed over the past decade and it is important that you know what you need when shopping for a home,” Reb says. “The biggest change has been the increased need for documentation to prove you can pay back what you are borrowing.”
Dave reminds listeners that it is crucial to understand that just because you qualify for a mortgage, doesn’t mean you can truly afford the home or property. In these decisions, it is wise to have good counsel. As Jesus once advised, it is important to consider the cost before building a tower. Likewise David says that it is important to consider the cost of home ownership.
“We still ask the question of whether or not you qualify, but we want to know what you can afford,” Dave says. “Sometimes what you can qualify for and what you can afford are two different numbers.”
Today’s show is sponsored by Financial Advisor Brent Vandermeer and Crosspoint Financial. To learn more about how they can help you with your financial investment portfolio, go to www.crosspointfinancial.ca, call 613.228.7777, or email info@crosspointfinancial.ca.