March 30, 2011
What are the qualifications for buying a home?
Zoocasa’s Ask the Pros section is where Zoocasa Users can post their real estate queries in a moderated forum and get replies from real estate professionals! This weekly Q&A featured response was a from a recent Real Post. For more answers to this week’s question from other agents, please visit the original post via the link below.
Question of the Week: What are the qualifications for buying a home?
The mortgage industry has significantly changed over the past few years. Since the US real estate meltdown, Canadian lenders have tightened their belts. Every situation is unique. Is the borrower employed with an annual T4, self-employed, on contract …? How many years have they been in the same employment field? How much debt to they owe? And the list of questions keep going.
One of the most important factors is to have good credit with a high beacon score. If you do not have good credit, however, but do have a minimum of a 25% down payment, there are lenders for this type of borrower. Sometimes, the rates are a bit higher.
Visit your local financial institution or local mortgage broker. They will be able to walk you through your personal situation.