Expert Mortgage

  If your credit score is considered poor, several strategies could enhance your chances of getting approved for a mortgage. Increase Your Down Payment   Typically, Canadian lenders require at least a 5% down payment, but this can differ based on the home’s price. If you have  bad credit , you may need to put down more to qualify for a mortgage. Aim to save enough to make a 20% down payment. Providing proof of your savings and their source can signal to lenders that you are financially stable despite your credit issues. A larger down payment also reduces the lender’s risk in lending to you. For borrowers, a higher down payment means a smaller mortgage amount, and if you pay 20% or more, you likely won’t need to purchase mortgage default insurance.   Consider Adding a Co-Borrower:   You might increase your chances of approval by including a creditworthy co-borrower on your mortgage application. A co-borrower contributes their credit score and history, agreeing to...

Need financing after being turned down by the bank? Expert Mortgage, a team of private mortgage lenders in Barrie , provides the connections you need to get funded.

  Mortgage renewal   is a crucial financial choice that can enhance your long-term savings. As your mortgage term comes to an end, understanding the renewal process is vital for achieving beneficial terms and minimizing extra expenses. This blog will outline common mistakes homeowners in Canada make during mortgage renewal and offer advice on how to steer clear of them.   Understanding the Concept of a Mortgage:   A mortgage is a loan typically used by first-time  home buyers in Ontario  to fund their property purchase, with the home serving as collateral. Borrowers must make consistent payments over a set period until the debt is fully paid off. When your mortgage term expires, it’s time for renewal. This allows you to negotiate new loan terms and sign a new agreement with your lender.   Neglecting to prepare before renewal:   One common mistake is neglecting pre-renewal preparations. Just as with any important goal, preparing for mortgage renewa...

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