THE HOME BUYER’S GUIDE TO GETTING MORTGAGE READY
Don’t wait until you’re ready to move to start preparing nancially to buy a home.
The Office of the Superintendent of Financial Institutions (OSFI) issued new mortgage guidelines, which went into effect at the beginning of the year and raised the standards for mortgage applicants. The requirements may seem overwhelming, especially if you’re a first-time buyer. But we’ve outlined three simple steps to get you started on your path to approval.
STEP 1: CHECK YOUR CREDIT SCORE
It’s a good idea to review your credit report and score yourself before you’re ready to apply for a mortgage. If you have a low score, you will need time to raise it. And sometimes fraudulent activity or erroneous…