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New Year, New Home?

The New Year always brings around feelings of change and new beginnings – are you thinking about making a move in 2023? If so, here are 4 tips to help you. These New Year’s resolutions all relate to finances because a Home is the biggest investment most of us will make in our lifetime. 

Check Your Credit Rating

This is one of the most important initial steps you can take because you can guarantee that your potential mortgage lender will be doing the same. A credit score is a number between 300 and 900 that rates your credit-worthiness. According to credit-rating company Equifax, a score of 690 or higher is considered “good”. Lenders will use this score in tandem with other factors, such as your debt-to-income ratio, to determine mortgage eligibility. 

Credit Clean-Up

Remember that phone bill you forgot to pay a couple of years ago? It can come back to haunt you. Even a one-day-late payment is still considered “late,” and can negatively affect your credit rating – and your potential to qualify for a favourable mortgage. If you’re not happy with your credit score, take some time to bring it up to par before you start the pre-qualification process.

Get Pre-Approved For A Mortgage

It’s no secret that there was a lot of media attention surrounding the rising interest rates of 2022. As we move into 2023 we hope to see some reductions over the course of the year. It’s imperative to get expert advice to understand the changes and how the mortgage horizon looks. A mortgage pre-approval is not an obligation to purchase in this time frame, nor are you committed to that particular lender. It’s just a written confirmation of the approved amount and the promised rate, so you can shop with confidence within a budget you know you can afford.

Start Shopping

Online is a good place to start your search, but nothing beats first-hand experience. With budget in mind, bundle up and hit the streets to explore different neighbourhoods and the amenities you’ll have access to. Do you rely on public transit? Is an active nightlife important to you? Daycares and schools? Parks and rec? Highway access? How close (or far!) do you want to be from family and your workplace? Think about your day-to-day needs, and anticipate how they might change over time.

Most importantly, work with a For Sale On Georgian Bay Agent who has experience in the area and the type of home you plan to purchase. They will make setting up viewings easy and be ready and on your side to negotiate the best price when it comes to finally making an offer.

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