Keith Uthe Demystifying Mortgages

5 Things not to do after you have been approved for a mortgage:

1️⃣ Leave or switch jobs
2️⃣ Make a major purchase
3️⃣ Apply for new credit
4️⃣ Pay off your debt
5️⃣ Co-sign on a loan

If you have any questions on what you should or shouldn’t do while applying for a mortgage, reach out. I’m with you every step of the way.

OSFI has eliminated the stress test for straight switches on uninsured mortgages. Here’s what it means for you:

✅ No requalifying at higher rates when transferring your mortgage.
✅ Greater flexibility to shop for better rates or terms.

💡 What’s a straight switch? Transferring your mortgage without increasing the loan amount.
💡 What’s an uninsured mortgage? A home loan without default insurance (down payment of 20% or more).

This change gives borrowers more negotiating power—perfect timing for upcoming renewals! 🏡✨

Did you know that extra income could help you qualify for a mortgage? It’s not just about your main job—lenders consider all of your income sources!

🔑 What Counts as Extra Income?
🔹 Side hustles or freelance work
🔹 Rental income (like a basement suite)
🔹 Child tax benefits
🔹 Overtime, bonuses, or part-time jobs

💡 How I Can Help:
🔹 Show you how to include extra income in your application.
🔹 Connect you with lenders who value all your income sources.
🔹 Guide you through the approval process to secure the best deal.

Ready to make your dream home a reality? Reach out to get started! 🏡✨

Want to know how much home you can afford? It’s all about understanding your finances—your income, expenses, and any outstanding debts. By taking a good look at these factors, you can set a comfortable and realistic budget for your dream home.

Reach out, I will help you navigate the process and find the best mortgage options tailored to your situation!