First Time Home Buyers Ontario:First Time Home Buyer Mortgage
Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.
If you’re considering becoming a first time home buyer here’s a tip that you’ll desire to pay attention to before you start shopping.
It’s very likely that you’ll need a mortgage in order to purchase your first home. If your credit is in good shape, and you have the ability to service the mortgage payments you should have no problem. But here’s where the tip comes in. Check your credit report before you apply for a mortgage. ]]>
Even if your credit is stellar you can still have blemishes, or more serious stuff on your credit report. Mistakes happen, and those mistakes can lead to a sticky situation when trying to purchase your first home.
I would suggest that you should check your own credit history with Trans Union, and Equifax twice annually. This doesn’t cost anything. If you’ve seen a credit report you might be afraid that you wouldn’t be able to understand what it means, but not to worry…the describe come with tutorials.
The first thing you want to see is your “Beacon Score”. This is a credit measurement system that ranges from 400 to 800, the higher, the better.
Your credit report will also show you who has been checking out your credit in addition to your status with companies and institutions that you currently have credit with. This is important since any mortgage lender will desire to know how you keep your current credit up to date before lending you money for the purchase of your first home.
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