There was a time when you figured buying a home
of your own was out of the question. Perhaps that was true then but things have changed. While you may not have noticed, some things have changed and there are lenders who are willing to help you finance the purchase of your first home. Here are five signs that today is the day to start talking looking for a residential property and talk with lenders about mortgage opportunities.
You’ve Overcome Your Financial Issues
It’s true that you had some credit problems a few years ago. Things were rough for a time, but you eventually regained control and retired those past due debts. Even though your credit score is still in the process of recovering, there are lenders who specialize in Orangeville bad credit mortgages
who will place more emphasis on what you’ve accomplished than on those past financial problems. Some of them are likely to offer mortgage terms and conditions that are much better than you thought possible.
You are Making More Money Now
The fact that you are making more money now than in years past is also a good sign that it’s time to think about buying a home instead of continuing to rent an apartment. By becoming a homeowner, you invest money in something that will become a significant asset as the years pass. You will also find that the major credit bureaus will increase your credit score as you make your mortgage payments on time. That will come in handy later on when it’s time to buy a car or finance some other major purchase.
Your Debt to Income Ratio is Excellent
One of the lessons you learned from your past financial issues is the need to control the amount of debt that you accumulate. That’s why you try to avoid carrying balances on your credit cards from month to month. Lenders who extend mortgages to consumers who have less than perfect credit will note how you manage your debt and are more likely to consider you a good risk.
Your Credit Rating is Improving Steadily
Between the fact you have more money coming in, carry less debt from month to month, and have move on from past financial mistakes all contribute to a credit score that improves a few more points each month. Many lenders will note that steady progress and understand you are serious about becoming more financially secure. That in turn motivates them to work with you and approve the mortgage application.
You Are Ready to Put Down Roots
The fact is you are tired of living under a roof owned by someone else. It’s time to make the commitment and buy a place of your own. Lenders who offer private home loans
in Ottawa will see that you have reached this point in your life and do what they can to help you achieve the goal.
Never assume you cannot obtain a mortgage, even if your credit is not the best. Depending on how you are managing your resources right this minute, there is a good chance of finding at least a few lenders who will work with you and make it possible to take a few more steps toward the financial security you seek.