Mortgage Tips for First-Time Home Buyers - Mortgage Broker in Abbotsford

Buying your first house may be a thrilling as well as a daunting procedure, especially if you’re a first-time home buyer. Before you start looking for a new house, there are a number of things to take into account, from budgeting to handling the mortgage closing process and beyond. The three biggest variables influencing your chances of getting approved for a mortgage are your income, credit score, and the amount of your down payment. Your lender will see strong, consistent income as proof that you have the financial flexibility to make on-time monthly mortgage payments. A high credit score also shows that you have a track record of making debt repayments, which gives your lender more confidence that you will be able to pay back your mortgage.