Six Industry Hacks To Improve Your Chances Of Getting The Right Mortgage With The Best Deals

Author: Andre Ouimet - Mortgage Agent | | Categories: Construction Loan , Mortgage Agent , Mortgage Refinance

Six Industry Hacks To Improve Your Chances Of Getting The Right Mortgage With The Best Deals.jpg

People ideally apply for a mortgage loan when they are planning on purchasing property, land or a house. These are large loans that people will usually apply for only once or twice in their lives, ideally to make the largest purchase they would ever make. Finding the best mortgage can be quite tricky if an individual does not have experience in the mortgage industry. However, there are people crunching numbers and working on finding the best options. They have created connections within financial institutions and not directly connected to those institutions who can offer better loan options, and even assist with finding a way of improving your credit score, increasing the possibility of securing a lower interest rate.

With a competitive market, involving major turns and changes on all corners, getting the right advice when settling on a mortgage is very important. While candidates can follow a few tips when working on applying for a decent mortgage, the best way to go about this is talking to a professional. Here are six industry hacks to improve your chances of getting the right mortgage with the best deals.  

Hack #1: Consolidate your non-mortgage debts.

There are multiple strategies for establishing and maintaining a low credit score, and missed payments and disputes with lenders are not the only ones. If you have too many credit cards and term loans, or your credit cards and lines of credit are at their limit, it would reflect in a lower credit rating and score. One way to improve your credit situation is to secure one larger loan, or mortgage, to pay out all of the smaller debts so your credit bureau will reflect the paying out of those debts, resulting in a single loan instead of many smaller ones that are at their limit.

If you are unable to secure a new, larger loan, you may be able to seek help from a credit counselor to negotiate a reduction in your debt amounts, and they often offer a term loan to pay out the reduced debt amounts. It will take longer for your credit status to improve if you seek the assistance of a credit counselor to manage your debt, but it may provide relief from the many monthly payments and likely reduce the amount you owe. If you choose this option, securing a new mortgage to pay out the credit counselling loan can improve your credit score quicker.

Hack #2: Make sure you file your yearly taxes, annually and on time.

Low rate lenders, such as banks and credit unions, do not offer mortgages unless all tax filings are up to date for each borrower. A potential borrower will need to file every year to qualify for a low rate mortgage and filing on time will help avoid penalties and accrued interest if the borrower owes income taxes at the end of the tax year.

Hack #3: Make sure you report all income.

Banks and credit unions will only consider the income that is filed annually with the C.R.A. Many people may not report certain income in order to avoid the H.S.T. or other tax obligations. This will result in a reduced amount of provable income available for the lender to include when qualifying a borrower for a mortgage. The money that is considered a saving (when not paying the legally required income taxes) could make the difference when you are qualifying for the mortgage you require to buy the home you want.

This will result in a reduced amount of provable income available for the lender to include when qualifying a borrower for a mortgage. The money that is considered a saving, when not paying the legally required income taxes, could make the difference when you are qualifying for the mortgage as you require to buy the home you want.

Hack #4: Talk to a mortgage agent before you approach your bank.

If you have any non-T-4 employment income, many lenders can offer competitive terms and rates compared to banks and credit unions who may include other types of income when calculating your ability to qualify for a mortgage. Non-T-4 income such as rental income, child tax benefits, and self-employed income are qualified in different ways by various lenders, and a professional mortgage agent can find those lenders, often at no extra cost, subject to how well you qualify.

Hack #5: You can use cash in your R.R.S.P. for a down payment.

The government may make changes to the details and amounts that can be used from your R.R.S.P. to supplement your down payment for a new home. They may make changes to income tax rules that apply when using your R.R.S.P. to supplement your down payment. However, the increase in the value of your home over the years while you are repaying your R.R.S.P. may offset any costs related to using your R.R.S.P. If you are unable to meet the down payment requirements to buy your home, your R.R.S.P. may be an ideal resource to get you in that house.

Hack #6: Find an experienced and professional mortgage agent.

No matter what the details of your concern, a good mortgage agent can help navigate the process required to secure a mortgage, often at no cost to the borrower, whether it is a house, vacant piece of land or something more ambitious. if you are purchasing a home in a major town or city, seeking the assistance of a mortgage agent may not add any cost to the process as many lenders offer mortgage agents incentives to bring borrowers to them.

If you are looking for a mortgage agent that knows the ins and outs of the mortgage industry or a professional in debt management, look no further than Andre Ouimet - Mortgage Agent. In addition to assisting in finding a better mortgage, I can also help clients manage their debt, if they find themselves trapped in it. I offer my mortgage services to clients across Barrie, Newmarket, Oshawa, Ajax, Pickering, Markham, Richmond Hill, Vaughan, Scarborough, Toronto, Caledon, Brampton, Orangeville, Mississauga, Milton, Oakville, Burlington, Hamilton, St. Catharines and Niagara Falls, ON. While we are open to working with our clients in person, we even handle their needs remotely if needed, especially in the middle of a pandemic.

If you are looking to get a better understanding of the services I provide, click here. If you want to get in touch with me for a better understanding of how I can assist you, or if you want some assistance with your debt or mortgage, please click here or call me at 888-982-7954.