So you’ve found your dream home and want to apply for a mortgage? Here is a pick on what to avoid to qualify for a Home

1. So you’ve found your dream home and want to apply for a mortgage? here iS a pick on what to avoid to qualify for a home mortgage loan Once upon a time, 25 years was the standard amortization on a Mortgage Broker in Canada. While 30-year mortgages do exist in Canada, the best online mortgage Canada are limited to a 25 year amortization period (the total life of a mortgage). While taking a long time to pay off your mortgage will reduce your monthly payments, it will also increase the amount of overall interest you will pay. To qualify in applying for Best Home Mortgage Lenders in Canada, you will need to pass a “stress test”. One of the top rated mortgage lenders Canada is the Bank of Canada Few things that could play a hurdle in getting a mortgage There are a number of external factors and slip-ups that can scupper a mortgage application, and if you make sure to avoid them, you can drastically increase your chances of being accepted.  You can’t afford the mortgage you’re applying for Seems obvious, doesn’t it? Only, what you deem affordable and what your lender deems affordable may well be two different things.

2.  You aren’t on the electoral register The threat of jury duty might be off-putting, but whether a lender has a quick and easy means to determine that you live where you say you do can make a huge difference to the success of a mortgage application. Find out more about getting registered on aboutmyvote.co.uk.  You have too much debt Existing debt commitments tie into your income and expenditure, and have a major influence over how a lender will view your application. Lenders won’t just take your existing debt into account, though; many will look at how much debt you could have if you borrowed the maximum amount of credit available to you.  You have discrepancies on your credit report Your application could be spotless, but something as small as an unclosed mobile phone contract registered at an old address could complicate the ID checking process and stop the application in its tracks.  Zero credit history Many people don’t like to borrow money if they can help it, and it might seem counter-intuitive that a lender will be hesitant to lend to someone who’s never borrowed a penny. But your credit score is a barometer for your reliability, and a few well-managed debts say far more about your ability to service a loan than no debt at all.  You’ve moved around too much Lenders like to see stability, both in your employment and your residence. If you’ve changed jobs or addresses several times in a short period, your chances of securing a loan are diminished. Similarly, periods of unemployment can hamper a mortgage application. You’ve made too many credit applications in a short period

3. Several credit applications in a short period could indicate to a lender that you’re applying for more debt than you can afford. It could even suggest fraud. Rather than risk being turned down, seek advice from a mortgage expert, who will fully assess your circumstances and attempt to match you to the best possible lender.