Ottawa Mortgage Broker Susanna Penning joins Dave and Reb on Let’s Talk Money today to talk about what you need to prepare for buying a home, or renewing your mortgage. In each client conversation, Susanna discusses property, down payment, credit score, employment and job stability, and cash flow affordability.
- Property has to do with the location, size and cost.
- Downpayment covers how much money is being put down, versus how much a person needs to borrow. It also considers where the money for the down payment is coming from
- Credit score considerations look at whether or not your rating is good or poor. If your score is weak, a mortgage broker will help you figure out what you need to fix it.
- Employment and Job Stability involves looking at where you are employed, whether you are salaried or self-employed, and also considers how long you have been employed.
- Cash flow considerations look at whether or not a person can afford the lifestyle and bills involved in the new purchase or financing of the property.
To hear them dig into how to prepare for a mortgage, tune in and listen.
Today’s radio show is sponsored by More Than Enough Financial, a coaching company helping people find hope and freedom in their walk with God and their finances. Go to www.morethanenough.ca for information regarding their mortgage, tax, coaching and education departments. Or call 613-520-4157.