January 20, 2023

Tools to help your secure your mortgage

Talk to an expert

A mortgage expert can help you understand the process of obtaining a mortgage and guide you through the various loan options available to you, including their associated costs and benefits. They can also help you determine how much house you can afford and what your monthly payments will be. In addition, a mortgage expert can help you identify and overcome any potential roadblocks that may arise during the mortgage application process, such as credit issues or income verification. Overall, talking to a mortgage expert before buying a house can help ensure that you make an informed decision and secure the best mortgage terms possible.

Get a Pre-approved mortgage

Getting pre-approved for a mortgage before you begin looking for a home can be beneficial for several reasons:

  1. It can give you a better idea of how much home you can afford. A mortgage pre-approval is an estimate of how much you will be able to borrow, based on your income, credit, and other financial factors.
  2. It can make you a more attractive buyer to sellers. When making an offer on a home, having a pre-approval letter from a lender can demonstrate to the seller that you are a serious and financially qualified buyer.
  3. It can save you time. A pre-approval process can take some time, but once you are pre-approved, you will have a clear idea of how much you can afford to spend on a home, which can help you narrow down your search.
  4. It can help you to lock in a low-interest rate. By getting pre-approved, you can lock in a low-interest rate on your mortgage which will help you to save money in the long run.
  5. It can alert you to any potential issues with your credit or income. If there are any issues that need to be addressed, a mortgage expert can help you to find solutions, before you get too far into the home-buying process.

Overall, getting pre-approved for a mortgage can help you to make a more informed decision when buying a home and can give you an edge in a competitive housing market.

Find your budget

Finding your budget when buying a home is important for several reasons:

  1. It helps you narrow down your search. By knowing your budget, you can focus on homes that are within your price range and avoid wasting time looking at homes that are out of your reach.
  2. It helps you avoid overspending. By setting a budget, you can avoid overspending on a home and ensure that you have enough money left over for other expenses, such as furniture, or saving for a rainy day.
  3. It can help you with future financial planning. Knowing your budget and how much you can afford to spend on a home can help you plan for future expenses, such as property taxes, insurance, and maintenance.
  4. It can help you avoid financial stress. By staying within your budget, you can avoid financial stress and ensure that you are comfortable with your mortgage payments.
  5. It can help you make a more informed decision. By knowing your budget, you can make a more informed decision about which home to buy, and avoid potentially buying a home that you cannot afford.

Setting a budget when buying a home can help you to make a more informed decision, avoid overspending, and ensure that you are comfortable with your mortgage payments in the long run.

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Preferred solutions from RBC and Libro

Finance your dream home with Libro and Huron Creek Developments

Libro sees a mortgage as an investment in your future. Where you grow equity and build confidence, for tomorrow. That’s why we focus on helping you pay it of sooner.

At Libro, we have a purpose beyond profit, helping our owners achieve their goals, supporting businesses to create a thriving local economy, and contributing to strong and prosperous communities. we use all our resources to grow prosperity in southwestern Ontario investing 100% of profits into the people, businesses and communities we serve. And, by doing business with Libro, you re part or that larger purpose too!

Mortgages at Libro:

include profit sharing

Free premium chequing account with unlimited transactions

Have flexible repayment options to help you become mortgage free

sooner. Ask us for details!

Offer financial coaching all the way through the process, and beyond

Rate specials at Libro are guaranteed for longer than 120 days on most newly built pre-sold

Finance your dream home with RBC and Huron Creek Developments

Your new home could take months to complete – you want to be certain that your financial institution is committed to your financing from start to finish.  RBC offers a firm approval to match the closing date provided by the builder.

With a firm approval from RBC, you also lock in a competitive rate. If you’re offered a special rate at approval, it will stand until you close the home purchase – even if rates go up. If rates go down before your closing date, you may receive reduced rates.

With interest rates rising, it is more important than ever to offer clients the security of a capped rate program. RBC can do just that with RBC’s Preferred Builder Package. RBC will cap the rate for up to 48 months. Additionally, the option to switch to a lower rate is guaranteed in the event rates are lower than the committed capped rate at closing. This rate protection security will give peace of mind to your clients.

We know that upgrades are part of the building process and are an important element of making your new house a home. Mortgage financing is available for the upgrades you select throughout your home’s construction.

 

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