Mortgage Advice: What NOT To Do When Buying a Home
CBIG Canadian Benefits Investment and Insurance Group Inc.
Canada's fully integrated financial services partner.
Buying a home is an exciting journey, but it's crucial to avoid common pitfalls that could derail your mortgage approval. Here are six things you should avoid:?
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1. Shopping Without Being Pre-Approved?
Before you start house hunting, get pre-approved for a mortgage. This ensures you know your budget and shows sellers you're serious.?
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2. Quitting or Changing Your Job?
Stability is key. Lenders prefer consistent employment. Changing jobs or quitting can disrupt your mortgage approval process.?
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3. Charging Your Credit Cards Excessively?
High balances can negatively impact your credit score. Keep your credit card usage low to maintain a healthy credit profile.?
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4. Buying a New Vehicle, Boat, or Other Big-Ticket Items?
Large purchases can increase your debt and lower your available credit. ?
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5. Moving Your Down Payment Around and Making Large Deposits?
Lenders need to trace the source of your down payment. Large, unexplained deposits can raise red flags. Keep your funds stable and easily traceable.?
Want to know what to do instead? Give our mortgage team a call to help you prepare financially when buying a home. We're here to guide you every step of the way. https://www.grouphealth.ca/cbig/