Are you on the lookout to buy your first home? If yes, we know how anxious you might be feeling about your home-buying experience, especially getting approved for a mortgage. Buying a new home is an expensive investment for first time buyers and requires a lot of research and market insights. When it comes to choosing a first time homebuyers mortgage in Abbotsford, make sure you are well-prepared and have adequate information needed to make an informed decision.
- Calculate your income and monthly debts
The first step toward applying for a mortgage is to keep track of your monthly income and debt payments. Begin collecting these because your mortgage lender will very certainly need to see them when considering a loan offer.
Getting approved for a mortgage somewhat depends on meeting specific income and debt ratios. Lenders use these percentages to decide whether you can afford your mortgage or not. The amount of debt you owe can influence the amount of mortgage you can acquire.
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