How Do I Find The Right Mortgage?
Finding the right mortgage is easier than you think
. The biggest mistake consumers make when looking for a mortgage is rate shopping. This is where a consumer makes applications for a mortgage multiple financial institutions to get pre-approvals trying to find the best rate. This is the worst thing to do because too many inquiries for credit in a short period of time will reduce your credit score. The lower your credit score the higher the rate you will be offered.You have shop for mortgages and plan for that property you always dreamed of without destroying your credit in the process. Heres how.
1.Request your Financial Report Card www.trueassess.com. This is your online financial report card that grades the areas of your financial profile that lenders consider when determining your credit worthiness. Your Financial Report Card will expose any weaknesses in your financial profile, tell you how to improve them and how to increase your borrowing power. The beauty of this service is that you get insider information without having an inquiry placed on your credit. Cost $19.99
2.Request your credit report from Equifax to find out if there is anything on there that you are unaware of. Find out before your bank does www.equifax.ca. Cost $23.99
3.Use online resources on Google, www.trueassess.com and the royal bank website to calculate mortgage payments and debt service ratios to see how much of a mortgage you can afford.
4.Make a spreadsheet on your computer and list all the different banks mortgage rates each week to keep on top of the trends.
5.Sign up for BLOGs like www.trueassessblog.blogspot.com to get up to date information about your credit, finances and to get valuable tips and information.
by: Courtney Jewell-McElroy