Most Frequently Asked Questions About Mortgages
A mortgage can provide the much-needed funds to buy a beautiful home where you can create a new life with your family. However, a mortgage is a significant financial decision, and it can be confusing to understand the finer details. Therefore, Vidit Paruthi - Mortgage Professional, wants to arm you with the most accurate information available to help make the process easier. To do this, we’ve answered the five most frequently asked questions about mortgages:
1. What is a mortgage?
A mortgage is a loan from a bank or other financial institution used to purchase a home. The home itself secures the loan, so if the borrower defaults on the loan, the lender can take possession of the house.
2. How much can I borrow?
The amount you can borrow depends on your credit score, income, and other factors. Generally speaking, lenders will look at your debt-to-income ratio and additional financial information to determine how much you can borrow.
3. What type of mortgage should I get?
There are several different types of mortgages, including fixed-rate, adjustable-rate, and government-backed mortgages. With the ever-changing market, the type of mortgage you should get depends on your unique situation and requirements. Get in touch with me to discuss this matter!
4. What are the current mortgage rates?
Mortgage rates are constantly changing, so it’s vital to stay current on the latest rates. Generally, mortgage rates depend on the economic climate, so they are likely to fluctuate throughout the year.
5. Is this a good time to buy?
We are currently in a buyer’s market. There are also projections about a Recession in 2023. Typically, the best time to buy is BEFORE the recession because once we are in recession, the government will take measures to stimulate the Economy. It will create more demand for housing and, in turn, increase house prices and rental incomes.
Reach out to me to beat the crowd!
If you have more questions about mortgages, contact the experts at Vidit Paruthi- Mortgage Professional.
As a leading Mortgage Broker in Surrey, BC, I provide a wide range of professional services. My mortgage services include Mortgage Refinancing, Mortgage Renewal, and New Home Purchase Mortgages.
I serve clients across Surrey, Delta, Burnaby, Coquitlam, Richmond, Vancouver, Langley, Maple Ridge, Victoria, Abbotsford, Kelowna, Kamloops, Prince George, and all across British Columbia.