Are you considering buying a new home in 2022? Would you believe it if we told you that we have five new year’s resolutions that can help you get in shape for the coming year to help you buy a home in Markham? Let’s get into it.
- Don’t Job Hop
You may not know this, but your employment history and income are the biggest factors that most mortgage lenders will evaluate when considering your application. While a new job may be the right move for your career, it may be a red flag if you’re considering buying a property in the coming year, especially if you’re changing jobs into a whole different industry. In order to show the lenders that you have a steady job, you must hold it for at least two years so they can forecast your future income.
However, if job-hopping is absolutely necessary for you, try to keep your lender in the loop. Doing so doesn’t mean your application will be rejected. It just means that your lender may require more paperwork and information from you.
- Reduce Monthly Subscription Services
Sure, having a 3$ monthly subscription to your horoscope might not seem like a big deal, but it can end up at the end of the year. It can be even more for a double-digit monthly subscription service, irrespective of what kind and how necessary. Consider keeping your monthly subscription services to a minimum if your goal for 2022 is to invest in a property.
- Have a Solid Credit History
The first thing, or rather one of the first things that a lender will look at when considering your mortgage application is your credit history. This means you must make it a habit to pay off your credit card bills and other such debts on time. If you don’t, it can appear as a red flag to lenders and cause them to think you will default on payments down the line. You want the lenders to view you as a responsible borrower and not a risk.
- Check Your Credit Lately?
You can only begin to fix your credit score if you know what it is. It can have a significant impact on whether your mortgage application is approved or not, and even a few points make a big difference. As such, you must monitor your credit closely and keep an eye out for any fraudulent activity or surprises that may hinder your ability to purchase a home in 2022.
- Steer Clear of Large Purchases
In the year you decide to invest in a property, try to avoid any other large purchases that may put you in debt, like a lavish vacation or a new car. Do this even if you have been preapproved for a mortgage loan.
Last but not the least, here is a sixth bonus resolution for you; contact Martin McFarlane for all your real estate woes and finally buy the home of your dreams!