Mortgage Tips For Singles, The Self-Employed And Parents-To-Be

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Mortgage Tips For Singles, The Self-Employed And
Parents-To-Be
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• While there is some advice for buying a home that
  can be applied to almost everyone, for some
  groups of buyers, such as singles, the
  self-employed and parents-to-be, the challenges
  and obstacles they face are different, and
  require a unique set of mortgage tips and
  guidance
• Mortgage tips for singles/divorcees
• Its undoubtedly harder to qualify for a mortgage
  when youre on a single income, but while tricky,
  it isnt impossible.
• It can be helpful to have a parent or other
  relative co-sign to help you get a bigger
  mortgage, as lenders determine your borrowing
  eligibility on the total income of all
  applicants, but it goes without saying that the
  co-signer must be willing and able to make the
  payments if youre unable to.

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• Another tip is to try and keep your borrowing in
  check when on a single income, and make sure that
  your total debt service ratio doesnt exceed 40
  of your annual earnings.
• Lastly, but by no means least, if you can afford
  to make a large down payment, youll be looked
  upon more favorably by lenders.
• Mortgage tips for the self-employed
• With the earnings associated with being
  self-employed typically unpredictable, it can be
  hard as a self-employed individual to show banks
  two to three years of solid and consistent
  income. If youre newly self-employed, it can be
  even tougher.

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• As with trying to qualify for a mortgage as a
  single person, having a co-signer can be
  immensely helpful, and you might even be able to
  remove them from it as soon as you can provide
  the lender with the requisite tax returns.
• Another alternative is to seek a mortgage with a
  private lender, and while the private market can
  be risky, working with a mortgage broker can make
  it more secure, as theyll only match you with
  verified and reputable private lenders.
• Because self-employed individuals also face
  different down payment requirements, it can be
  helpful to speak with a mortgage professional
  such as a broker anyway, to help you negotiate
  the lenders and meet all of the requirements.

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• Mortgage tips for parents-to-be
• With the high cost of childcare and low parental
  leave benefits, most dual-income couples planning
  to start a family, typically face a decrease in
  earnings, and must ensure they dont become house
  poor. Lenders never take the personal expenses
  associated with a new baby into account when
  considering couples for a mortgage, such as
  daycare, gas and diapers, so expectant parents
  must take extra care of their money.

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• One tip recommended by mortgage experts, is for
  young couples and families to create a budget
  that incorporates all of the extra costs
  associated with a baby, to help them see if they
  can manage mortgage payments for the type of
  property they desire.
• It also pays to remember that the first home you
  buy as young parents-to-be, may not be the home
  you spend the rest of your life in.
• For more detailed advice and guidance on applying
  for a mortgage - whether you fall into one of the
  above groups or not - schedule a free,
  non-obligatory initial consultation with a
  mortgage professional such as an advisor or
  broker, to get answers to all your questions and
  concerns.

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• Mortgage-broker-Calgary is your best resource for
  finding a mortgage for your property. Luke Wile,
  is a Calgary mortgage specialist and is proud to
  serve clients from across Canada, while being
  centered in Calgary, Alberta. Luke is proud to
  serve his clients with a personalized approach to
  finding his clients the best and lowest Canadian
  interest rates and terms offered by the major
  banks and private lending institutions. If you
  are looking for the best mortgage broker in
  Calgary, with Luke Wile you can get fast and
  personal expertise for your mortgage!