Buying Your First Muskoka Property
Are you considering making the leap into Muskoka Property ownership in 2022? You have your downpayment saved, you’ve been watching Realtor.ca and now you are ready to begin the search for your first home. The Parker Team believes that regardless of budget each and every buyer should be treated equally, the way we would want to be treated. As Realtors we love the excitement of a Buyer finding their dream home in Muskoka! For first time Buyers, there are many things to keep in mind, below are just few financial tips to get you started. For more tips and strategies contact The Parker Team directly.
1. Don’t Job Hop
Lenders are looking for stability and reliable income. Employment history and your income are large factors in determining your mortgage qualifications. A potential buyer with a steady job and income gives the lender piece of mind when forecasting your future income.
2. Don’t Make Large Purchases
Aside from income your lender will be looking at your debt to income ratio. Even if you have been pre-approved don’t move ahead with large purchases such as a car. These purchases can impact your ability to get a mortgage and the amount you qualify for as they adjust the debit to income ratio.
3. Have A solid Credit History
Lenders also consider your credit history when determining your ability to obtain a mortgage. Habits such as paying credit cards and bills on time and in full indicate to a lender that you a good risk and not likely to default on your mortgage payments. If you must carry a balance on your credit card, be sure to keep it low and make regular payments. Ideally you should speak with your Lender to determine how this will impact your ability to obtain a mortgage.
4. Check Your Credit
Know your credit score. Knowing your credit score is one way to be know if you have room for improvement and what you can do. It will also alert you to any fraudulent activities on your accounts. Surprises in your credit history can impact your ability to purchase a home.
5. Reduce Monthly Costs
Take a hard look at your monthly expenses and determine if there are places you can save more money. Can you reduce your entertainment budget? Do you eat out frequently? Do you have several online subscriptions that go unused?
6. Speak With Your Bank
Understand how your money is invested and the implications of this. Know what the terms are if you intend to borrow from your RRSP and see how that impacts your financing. Be sure to understand how much of your savings are available to you immediately and how long it will take to access them. Remember that once an offer is accepted you are likely to have just a couple days to make your deposit on your new home.
Starting your search for your new Muskoka home can be daunting to first time home buyers. This is an exciting time in a person’s life, a milestone. Let The Parker Team streamline this process and help you achieve your dreams. Call us at 705-349-0054 and let’s get started!
