When you are ready to purchase your own home, you will need to get a mortgage in order to help you cover the costs of the house. Making a home purchase is typically the largest purchase that a person makes in his or her life, with purchase prices typically in the six figures. You will need the assistance of the right finance and mortgage solutions in order to get the mortgage that will best serve your financial and home needs. Thankfully, there are a wide range of options that you have for getting a mortgage that allows you to maintain or even improve your quality of life.
Why Homeownership is Vastly Superior To Renting
If you are intending to become a first time home owner, then you have undoubtedly weighed the benefits and costs of homeownership when compared to renting. At first glance, it seems as though renting is going to save you quite a bit of money. After all, when you purchase a home, you are often times making a six figure decision that could come tied in with significant amounts of debt! But when you look closer at the comparison, you realize that it isn’t as clear cut as it may seem.
When you know that you want to stay in one location for a relatively long period of time, the choice becomes clear: homeownership is easily the way to go. When you rent, you are paying someone money that you will never see again. When you pay off a mortgage, on the other hand, the money you pay immediately goes towards increased equity in your home. Not to mention, Forbes.com has reported that buying a home is now 38 percent less expensive than renting.
How To Get Preapproved For Your Mortgage
Given that owning your own home is the vastly superior option, the next question is how to get preapproved for your mortgage. You want to get preapproved for your mortgage as it gives you the option of making an immediate purchase decision when you have found the home that is right for you. If you want to get preapproved, then it is important that you have a good credit score and history. You will need to report your income and assets as well. Importantly, you need to make sure that you do not attempt to open up other significant lines of credit in the meantime. This will help get you preapproved for your mortgage.
It is common for many Canadian citizens to have questions about what it takes to find the mortgage solutions that are right for them. Thankfully, mortgage brokers can fill that need and provide the clarity that you seek. Steven Crews is one of Calgary’s top mortgage brokers, and he is ready to answer any and all question that you have. Give him a call at (403) 870-2669 and get ready for mortgage success today.