5 Mortgage Tips for First time home buyers
A first time home buyer might be confused or nervous about getting a mortgage. They might not know exactly what it takes to obtain mortgages and they might not know what lender is the best for home buyers. The good thing is that there are some things that you can do in order to be more ready for the entire process! These things are discussed below.
Check Your Credit Score
The first thing you want to do before applying for a mortgageis check your credit score. Since many lenders require you to have a minimum score, knowing yours will result in going into the situation more prepared. You dont want to have a credit score of 600 for a lender that requires 700 and higher. Not only is this embarrassing, but they might not appreciate the waste of time!
Look at Assets and Liabilities
The next thing you want to do is look at everything you owe and how you spend your extra money. For starters, you dont want to add another bill if youre already drowning in debt. If your debts arent an issue, then you want to make sure you can cut back on certain spending so you can ensure youll be able to make your mortgage payments. Going into the situation already knowing what your financial status looks like will save you grief in the long run.
Compile Important Papers
In order for you to apply for a mortgage, every lender is going to want copies of important documents. While these differ from place to place, some of the documents youll definitely need are pay stubs, tax statements, W-2s, and bank statements. Keep in mind, they want every single page included with each of these things, so you want to ensure that you have everything. They might also want information from past employers and current bills you pay, so make sure you keep everything!
Calculate How Much You Can Afford
Calculating how much you can afford before applying for a mortgage will help ensure that you can easily make your payments every month. You dont want to go in not knowing how much you can afford then get stuck with a huge payment. Not only can this ruin your credit, but you can also end up losing your house. Knowing your number will help you look at houses in that range and get a mortgage that wont break the bank.
Figure Out Down Payment
The final thing you want to do is look at everything and figure out how much you can put as a down payment. Keep in mind, most lenders will require a certain amount but if you can do more, then your payment will be lower. This might also make it so that you get a better rate. With that being said, if you cant afford the minimum payment, ask about tacking on a little more to the first payments you do to make up for it.
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Canadian home sales activity strengthens in July
Statistics released today by The Canadian Real Estate Association (CREA) show national home sales were up from June to July 2018.
National home sales rose 1.9% from June to July.
Actual (not seasonally adjusted) activity was down 1.3% from July 2017.
The number of newly listed homes edged down 1.2% from June to July.
The MLS Home Price Index (HPI) in July was up 2.1% year-over-year (y-o-y).
The national average sale price edged up 1% y-o-y.
National home sales via Canadian MLS Systems rose 1.9% in July 2018, building on increases in each of the two previous months but still running below levels recorded from mid-2013 to the end of last year. Led by the Greater Toronto Area (GTA), more than half of all local housing markets reported an increase sales activity from June to July.
Actual (not seasonally adjusted) activity was down 1.3% y-o-y. The result reflects fewer sales in major urban centres in British Columbia and an offsetting improvement in activity in the GTA.
This years new stress-test on mortgage applicants continues to weigh on home sales but its effect may be starting to fade slightly in Toronto and nearby markets, said CREA President Barb Sukkau. The degree to which the stress-test continues to sideline home buyers varies depending on location, housing type and price range. All real estate is local, and REALTORSremain your best source for information about sales and listings where you live or might like to in the future, said Sukkau.
Improving national home sales activity in recent months obscures significant differences in regional trends for home sales and prices, said Gregory Klump, CREAs Chief Economist. Regardless, rising interest rates and this years stress test on mortgage applicants will likely prove to be difficult hurdles to overcome for many would-be first time and move-up homebuyers, heading into the second half of the year and beyond.
Hacks to slash your car expenses
(NC) When you consider the rising costs of gas and insurance, owning a vehicle can get pricey. Fortunately, these easy tips can help lower how much you spend on your car so theres more room in your budget for other expenses, like groceries and recreation.
Increase your fuel economy. Did you know that a small spark plug problem can lead to a big expense? A dirty spark plug can cause a misfire, which wastes fuel and can ultimately harm your engine. To combat this, look for a spark plug thats designed for improved fuel economy, like the those from Fram. Try the Autolite Iridium XP Enhanced Alloy Technology line, which is precisely engineered with a focused ignition point for maximum power, efficiency and life.
Get regular tune-ups. When a vehicle is properly tuned, all systems work in harmony, including the fuel, ignition, emission and computer systems. While it can be a hassle getting to regular appointments at your mechanic or dealer, remember that you are investing in the long-term performance of your car, saving you time and money. Regular engine tune-ups bring power and efficiency back to your car, ensuring that its reliable, safe and road-ready.
Change your filters. There are many ways to keep your engine in good shape, helping it to last longer. One is checking the air filter every time you have the oil changed, because engine life and durability are directly related to keeping incoming air clean. Its an air filters job to remove contaminants from the air before it goes into the engine, and neglecting this component results in reduced performance. Fram extra guard filters provide premium engine protection and are proven to let in two times less dirt than the average leading standard retail brands.