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Purchasing a home in 2021 is not like the same during pre-covid times. With fuming and
blazing pandemic, instead of open houses, galore people chose to use a virtual listing of the
houses and panoramic 3d tours and this is to continue in 2021 too.
A global pandemic has ignited the Canadian Housing market with pent-up demand and all-
time low supply.
Unfortunately, things don’t end here, there are more aspects to tussle with, like finding the
correct home in your price range and much more. Despite seeing a surge in mortgage rates
in early 2021, it has been predicted that the rates will still be comparatively low. However,
the situation is getting better, as per the economists the disposable income has increased
from 2019, as people constrained their spending and benefited from government plans.
Buying a home is one of the biggest purchases of life. It can be an exciting, thrilling and
nerve-racking experience.
However, getting a mortgage to purchase a home is easier if you pay attention to some
crucial aspects.
If you are planning or preparing to pull the trigger of a home purchase, be sure to employ the
following tips that will help you to stay organized and be prepared to navigate the tricky
market and qualify for the purchase;
1.Keep your Credit Score in Check and make necessary improvements to enhance it:
Credit history and credit score can help in determining your mortgage future. A credit score
above 680 is considered a good and accepted credit score. Mortgage lenders look into your
payment history of bills, credit cards, and your score before qualifying for the home
purchase.
Make sure to pay your bills on time, avoid late payments, conflicts with the creditors, etc.

  1. Job Stability
    Having a stable, consistent job and income are major factors that increase your chances of
    eligibility for the mortgage. Having a constant and unfluctuating job for more than 2 years is
    beneficial, whereas in the case of non-salaried or self-employed income of 2 years is
    considered by the lenders.
  2. Pre-Approval
    With a pre-approval, you will be in a better position to qualify. It makes you more confident,
    gives you the ability to negotiate for a better offer on the home. With pre-approval in hand,
    you will be better equipped and fit to commence your house search. Get Pre-approval today,
    with MMC. 
    4.Know your limits with Calculator
    Too high mortgage leads to dwindling incomes, thereby late payment of bills and bad credit
    score. It is wise to find out your affordability using MMC’s mortgage calculators to estimate
    your monthly costs, down payment etc. Make sure you are comfortable with the costs and
    numbers. Borrowing capacity is a priority of the lenders during qualifying for the mortgage;
    this can be determined with income, assets and liabilities and mortgage calculators can help
    you make the right decision.
  3. Don’t rush the Process

There is a spike in eagerness to purchase homes in 2021 due to historically low mortgage
rates, but that doesn’t mean that you have to rush through the process and make a decision
in haste.
Take ample time, analyse the pros and cons, and then make the decision that is right and
appropriate for you. As purchasing a home is a life-changing decision, don’t settle for
something that is not for you in the rush of finalising things.
Buying a home is likely to be complicated and tricky in 2021. 
With COVID-19, uncertainties have multiplied for the homeowners and buyers like housing
prices, income, tight market and much more. Follow these tips, guidelines that can help you
soften the process and end up with a home you enjoy and can afford with ease.
Contact MMC today for advice from a qualified and experienced agent. With our help, you
can utilise a historic opportunity of record-low rates to save thousands on your mortgage, as
low-interest rates are not going to be low for decades.

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