We are the mortgage broker Toronto that understands. Getting involved with a mortgage the first time around can be a little daunting. That’s why we’ve put together a few myth busters that we’ve noticed hanging around.
You need perfect credit to get the keys to your dream home
That’s not the case at all. In fact, it’s one of the big reasons that your mortgage broker Toronto can help you find the right loan. Even if your credit score is tarnished, you can build it back up so it looks appealing to financial institutions.
Here’s a tip to get you started. Paying your bills on time reflects well on your credit score. Trying to make a little more than the minimum is useful too.
All debt is a problem
It’s important to keep in mind that debt isn’t a good or bad thing all by itself. It’s all in how you use it. In fact, borrowing can actually help you build up your credit score. That in turn can get you the keys to your first house.
The idea is to be responsible. One of the best ways to do that is start a budget and make sure that you can pay back any money you borrow.
The amount you get preapproved for is the amount you should spend
This is one of the bigger ones we come across as your mortgage broker Toronto specialists. Make sure you do some careful budgeting before you use this preapproved amount to go house shopping. There are additional expenses you’ll need to factor in.
Closing costs will include legal fees. Then there’s the actual money you’ll need to run your house which includes utility and water bills. Maintenance alone can take a big chunk of any expendable cash you have. There are always unexpected costs when things break down too.
