Found 5 blog entries tagged as mortgage approval.

In the intricate tapestry of real estate, one thread stands out as a determining factor in your homebuying journey - your credit score. As you embark on the path to homeownership, understanding the profound impact of your credit score is paramount. This article will unravel the mysteries surrounding credit scores and highlight the significance they hold in the process of purchasing a home.

What is a Credit Score?

A credit score is a numerical representation of an individual's creditworthiness, serving as a tool for lenders to assess the risk associated with extending credit to that person. It's essentially a three-digit number that reflects an individual's credit history and financial behavior. The score is generated based on various factors,…

141 Views, 0 Comments

Read Full Post

In the pursuit of homeownership, understanding the intricate relationship between your existing debts and mortgage approval is paramount. At RE/MAX Infinity, we recognize the importance of making informed decisions to secure your dream home. In this comprehensive guide, we'll look at various types of debt and illuminate effective strategies to manage them, ultimately improving your chances of obtaining that coveted mortgage approval.

Understanding the Debt-Mortgage Nexus

The link between debt and mortgage approval is undeniable. Lenders assess your financial health through a thorough examination of your debt profile, influencing their decision on whether to grant you a mortgage. Let's explore the different types of debt that can impact your…

170 Views, 0 Comments

Read Full Post


When it comes to purchasing a home, understanding the ins and outs of mortgages is paramount. In Canada, the mortgage landscape is influenced by various factors, including regulations set by the Canada Mortgage and Housing Corporation (CMHC). In this guide, we'll take you through the steps to kickstart your mortgage journey, how to prepare in advance, and how to ensure you're financially poised for success.

Starting Your Mortgage Journey

Educate Yourself

Begin by familiarizing yourself with the basics of mortgages, interest rates, and terms. Understanding different types of mortgages, such as fixed-rate and variable-rate, empowers you to make informed decisions.

Calculate Affordability

Use online calculators to estimate how much you…

328 Views, 0 Comments

Read Full Post

Purchasing a home is an exciting milestone, and for many people securing a mortgage is an essential step in making that dream a reality. However, the mortgage process can be complex and overwhelming, especially for first-time homebuyers. In this article, we will provide you with valuable tips and resources to help navigate the mortgage process with confidence.

Understanding Mortgages

Before diving into the mortgage process, it's important to have a basic understanding of what a mortgage is. A mortgage is a loan that allows you to borrow money from a lender to purchase a home. The property acts as collateral for the loan, and you make regular payments over a specified period, usually spanning several years.

Assessing Your Financial Situation

…

234 Views, 0 Comments

Read Full Post

Avoid overspending when applying for mortgage

You’ve assessed your finances and the housing market, and researched the various financial options open to you and your household. Then, you took the leap in applying for a mortgage – quite possibly the most significant money-related decision of your life. Now you play the waiting game.

This waiting period is perhaps one of the hardest parts of the home-buying process, determining if you have been approved or rejected for a home loan. While it can be challenging, especially in this red-hot Canadian real estate market, you can be confident in your prospects if you have taken the necessary steps and employed the right strategies to receive approval and attain the best mortgage rate.

But it is not time to throw caution to…

305 Views, 0 Comments

Read Full Post