Mortgage Wellness Provides Guidance for Navigating Your First Mortgage Journey

Barrie, Canada - August 17, 2023 /Mortgage Wellness/

Mortgage Wellness is a mortgage broker in Barrie, ON, that provides an app to process your mortgage application submission, estimate finances, and more. All you need to do is download the app from Mortgage Wellness to simplify the process of applying for a mortgage. If you want to buy your first home, Mortgage Wellness wants to simplify that journey for you, too. Read the guidelines that Mortgage Wellness created about preparing for the mortgage process and what to consider when buying a first home.

Mortgage Wellness and the “Our First Time” Process

The “Our First Time” process guides first-time home buyers who want to know more about what to expect when they begin the mortgage journey. The guide prevents clients from being caught off guard in an unfamiliar yet important process, so they don’t suffer from delays and expectations that hinder rather than help. Some of the things that Mortgage Wellness covers include:

• Reviewing your finances to determine how much you can pay right now without counting on the money to come through in the future. What matters now is one to three years of income and other financial statements showing your current finances. If you are supposed to get a raise in a few years, that’s wonderful, but it cannot be calculated into your finances right now.
• Determining how much you want to pay each month while still living comfortably and the downpayment you need to come up with to afford a house in that price range. Consider what you need to provide for bills and the lifestyle you enjoy.
• Consider when you should start shopping for a home, including the time of year and what that means for moving. It is wise to know the areas you want to buy in, the styles of homes you like, and the costs. But don’t make an offer to a seller before you have everything in order financially, including proof of your finances.
• How much does this home cost in addition to the purchase price? For instance, does it need repairs? The money for those affects how the mortgage lender views your application. If you can barely afford the mortgage, adding repair costs weakens your chances of getting one. Lenders will notice this when they look at the appraisal.
• Remember, be honest about where you want to be in five years with this house, and honestly share your financial issues, no matter how troubling. Doing this allows Mortgage Wellness to provide you with the best service possible.

These are just a few issues the Our First Time process covers. When you sit down with Mortgage Wellness, you will learn about first-time home buyer incentives and what other mortgage types might work for you. Reach out soon to learn more.

Contact Mortgage Wellness for Your First-Time Mortgage and More

Mortgage Wellness works with homebuyers at every stage of the home-buying process. If you need a mortgage company in Barrie, ON, visit the Mortgage Wellness website to download the mortgage app, connect with the concierge, or schedule an appointment. The Mortgage Wellness Family looks forward to working with you soon.