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Meet Mortgage Guru Rania Fawaz
You've found the home you're ready to buy and it's exciting.
But, navigating the financial end can be daunting. Ideally your home search should take place after meeting with a mortgage broker or bank to see what you can afford. However sometimes it doesn't happen in that order so here are a few tips to guide you on the financial path to home ownership.
Let's take a look at a few factors that determine how much you will be qualified to borrow.
First…Credit history: Specific credit requirements vary based on a range of criteria including loan-to-value, debt-to-income ratios and assets used to qualify for the loan
Secondly…Debt-to-Income Ratio: Specific debt-to-income requirements vary based on a range of criteria including loan-to-value ratio, assets used to qualify for the loan and credit score but typically a successful applicant will have a debt-to-income ratio (including the proposed loan payment) below 45% of monthly gross income.
Lastly…Loan-to-Value Ratio /Down Payment: Adjustable rate mortgages can be used to buy a home with as little as 3.5% down with government backed mortgage insurance.
There are many other products out there as well and a few more steps than we outline here per our friend and mortgage broker extraordinaire Raina Fawaz.
Check out our quick tip video here.
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