Are you thinking about purchasing a home? Whether you are purchasing your first home or wanting to make a move to another home, you will need to do 4 key things to Get Mortgage Ready:
1) Assess your financial situation. Take a look at the amount of income you have coming in each month compared to the total expenses you have to pay out on a monthly basis;
2) Collect financial documentation to support your mortgage application. You will have to provide written verification of your income, assets, liabilities, and credit history during the application process;
3) Set goals with respect to the type of mortgage you can afford. Make sure you account for all of your monthly expenses when determining your mortgage plan. Lenders will only look at certain things when qualifying you, but there are many day to day expenses we all have that should be factored into your plan too. Not sure about this step? Ask about my Real Debt to Service Ratio Formula (RDSR), a proprietary formula I created to take you through this process; Real Debt to Service Ratio
4) Commit to a realistic financial plan that includes making mortgage payments and maintaining your desired lifestyle. It’s one thing to think you can afford your mortgage payments, but it’s quite another to know you’ve done your homework to make sure you are taking on a mortgage that you can afford. In some cases buying your dream home means making some small sacrifices to make it happen. If you plan properly you will prevent unnecessary financial stress down the road. If you commit to your plan you will better protect the lifestyle you want for your family.
“My goal is to work with you to make your dream of owning a home a ‘manageable’ reality”.
Get Mortgage Ready: The First Step In Getting Mortgage Free Faster! is a guide to help the home buyer or home owner find the perfect balance between their lifestyle and their mortgage.
Get mortgage ready with these resources: