Are you looking forward to renewing your conventional mortgage in 2023, but concerned you may not qualify with current rates and cost of living? Don’t worry – there are a few strategies we can suggest that could make the process easier.
We recommend you shop around. The best thing you can do is find a broker who has extensive experience in the field and access to competitive quotes from numerous lenders. A broker can sometimes provide better rates than what you may find on the open market. Make sure that the broker is familiar with your credit history and can determine which options will work best for you as you navigate today’s market.
You should also take measures to boost your credit score before you look for a new mortgage. If you have any bad debts or unpaid taxes owing, now is the time to address them so they don’t interfere with your ability to get approved for a mortgage. If you have home equity, Atlantic Signature Mortgage & Loan could help eliminate debts, which might improve your credit score before you apply for a new mortgage.
Finally, private lenders are becoming more popular due to the recent changes in interest rates throughout 2022. The gap between private interest rates and other lending rates has been shrinking over the past year, making private mortgages an increasingly attractive option for 2023 for borrowers in various situations. Private mortgages generally have lower qualification requirements compared to conventional mortgages which means it’s easier for people with unique financial situations (self-employed, with non-traditional incomes, etc.) or less than perfect credit scores to access funds quickly and easily – something worth considering as we move into 2023!
Atlantic Signature Mortgage & Loan is a Halifax-based private lender focusing on flexible short-term financing to Atlantic Canadians. We understand how important it is to secure funding when needed, with terms that work for you. We work hard every day to ensure our clients come away satisfied with their lending experience. Reach out today!