In this segment of The Marc and Mandy Show, Tracey Brock from Dominion Lending Centres shares how to deal with sticky issues with your mortgage. Tune into the video above or keep reading to learn more.
Mandy: I’m here with Tracy Brock from Dominion Lending and we’re talking about some sticky issues today when it comes to mortgages. So, now, if somebody has the dream of owning a home but they find out they are not pre-approved are there options where they can still make their dream happen?
Tracey Brock: Well, yes, but I always recommend that you do go in and get a pre-approval. Pre-approval helps you to determine what your budget is. It allows you to know what style of home you need to be looking for, it allows you to see if your credit is in good shape, and it gives you a good understanding so that when you do start looking for homes, you’re looking your budget range.
Mandy: Are there ways somebody can boost their approval rating absolutely?
TB: That’s another good reason for checking your credit beforehand before you go in. There could be small errors on your bureau that you didn’t know about, your bureau score could be low because you’re over your limit. Being over your limit on your credit cards or very close to your balances drops your score by 35 of the overall score. It’s a huge impact on your overall credit. So, if you have a credit card that needs to be paid down a little bit before you start looking for your home, that will boost your score, which will give you a higher approval rating with the lenders.
About Dominion Lending Centres: Dominion Lending Centres is Canada’s leading mortgage company with 2800 mortgage professionals under their umbrella across the country. To learn more, visit the Dominion Lending Centres website.
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