Toronto real estate. Mortgage tips

By
Real Estate Agent with Right at Home Realty Inc., Brokerage

The key to a successful mortgage experience is carefully considering all your options and buying within your means so that you can sustain your payments. Borrowers unsure of which approach is best can fall back on certain time-tested strategies for ensuring they don't overextend.

 Here are a few tip to boost affordability when arranging your mortgage:

 1. Know what you can afford.  A mortgage pre-approval helps you establish a price range and the maximum mortgage you can reasonably afford.  Most lenders will lock-in a rate for up to 120 days when pre-approving potential borrowers for a mortgage.

2. Revisit your current debts.  When applying for a mortgage, a lender will look at your total debt service ratio (TDS), or how much of your total income is going towards various types of debts, including car loans, credit cards, and other consumer loans.  A mortgage broker can advise on restructuring your current debt (by increasing the amortization and lowering payments on your car loan, for example), to ensure that your TDS ratio is acceptable to prospective lenders.

3. Look into a longer amortization.  Some lenders offer mortgages with  longer amortizations.

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Alexandre Malkhassiants, Sales Representative & Mortgage Specialist,
Right At Home Realty Inc.,  Real Estate Brokerage
Office: 416) 391-3232        
Cell: (416) 723-9383        
E-mail: amalkhass@rogers.com
Web site: www.torontogreathomes.com
Toronto real estate market blog: http://torontorealestate.wordpress.com/ 

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