Thursday, July 19, 2012

Tight Credit? You Can Still Get Financing For Your Brantford/Brant County Home!

While it’s true that the Canadian real estate market is faring better than others worldwide, lending restrictions are still quite tight. Many have suffered a financial blow during the recession, and thus have had to face multiple credit issues. This causes a problem during a time when banks are incredibly selective about whom to give a loan to. As a Brantford/Brant County Real Estate agent, however, I have worked with buyers of all walks of life. I can safely say that even if you are facing tight credit, you can obtain the loan that you’re looking for in your real estate transaction.

If you practice these three tactics when you go about getting a loan, then you’re far more likely to see success and obtain the Brantford/Brant County home of your dreams.

1.    Submit all the correct paperwork at once. Most banks aren’t requiring any more paperwork than usual, however they are paying close attention to all the necessary documentation in order to meet their strict lending guidelines. If you submit everything that you need at once, your application will be reviewed more quickly and you’ll look more organized.
2.    Submit all of your pay stubs, bank statements and financial documents for the bank to review. It’s much easier for you to obtain a loan if the bank knows exactly how much money you make and what you can spend on each monthly mortgage payment. The more up-front you are about your finances, the easier it will be for your bank to find the right loan for you.
3.    Pay attention to your credit score. You’re going to want to be on your best financial behavior after applying for a loan. Large purchases or missed payments will put a ding in your credit score, and that can raise some red flags for your lender. Even if your credit isn’t the best right now, if it’s apparent that you’re taking the right steps to get back on track and are actively working to rectify your mistakes, then you’re far more likely to get a loan. In my opinion, honesty is the best policy. The more up front you are with your lender and the more proactive your actions, the better.

As simple as these actions may seem, they go a long way in obtaining a mortgage loan during a time when so many are struggling to get financing. Navigating a Brantford/Brant County Real Estate transaction is far from easy, and I consider it part of my job to take some of the stress out of the process. If you have any questions about how you can go about purchasing a Brantford/Brant County home, don’t hesitate to contact me and ask. I’d be happy to help. I hope to hear from you soon!


Wally Dufrat | Sales Representative
RE/MAX Twin City Realty, Inc. Brokerage
Over 525 Closings!
515 Park Road North | Brantford, ON N3R 7K8
Direct:  (519) 752-5400 & (877) 759-5900 | Cell: (519) 761-7400 | Fax: 519-752-3400

Before You Buy or Sell Your Next Home, Visit My Websites at:
www.BrantfordHomeInfo.com or www.FreeBrantfordHomeInfo.com for FREE Information!
 

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