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Only the Primary Cardholder of an RBC Rewards+ Visa card is eligible for this offer and may receive a one-time bonus of 500 RBC Rewards points (“Bonus Points”) for each listed offer (each a “Bonus Offer”) up to a maximum of 3,500 RBC Rewards points. It may take up to 60 days after offer expires for the Bonus Points to appear on the credit card statement.
If you open, switch or are converted to an Eligible Account, the standard fee applicable to your eligible safe deposit box will be waived in full or in part for the current year, depending on the time when the box is opened, and in full for the following year. RBC VIP Banking account holders receive one small box free as a standard feature of that account type, so long as they maintain their RBC VIP Banking account in good standing; offer cannot be combined with any other safe deposit box offer.
Royal Bank of Canada, The Royal Trust Company, Royal Trust Corporation of Canada and Royal Bank Mortgage Corporation are members of Canada Deposit Insurance Corporation (CDl, C). Deposits (such as deposits in a savings account, or GICs and other term deposits) with any of these institutions are eligible for CDIC deposit insurance coverage provided they are payable in Canada.
For complete terms, conditions and restrictions that apply to the RBC Rewards program, please visit: www. rbcrewards.com or call 1-800 ROYAL 1-2 (1-800-769-2512).
Eager to purchase the home of your dreams and start building equity for the future in this thriving housing market? For many, shopping for a home is the fun part, but obtaining a mortgage is another story. Whether you know a little about the mortgage process or have no idea how to get a home loan, don’t fret.
How to get a mortgage, step by step Step 1: Strengthen your credit, A strong credit score demonstrates to mortgage lenders that you can responsibly manage your debt. So, you’re likely to get approved for a mortgage with a competitive interest rate if you have good or excellent credit. If your credit score is on the lower side, you could still get a loan, but you’ll likely pay more in interest.“Having a strong credit history and credit score is important because it means you can qualify for favorable rates and terms when applying for a loan,” says Rod Griffin, senior director of Public Education and Advocacy for Experian, one of the three major credit reporting agencies.
Step 3: Build your savings, Your first savings goal should be your down payment.“Saving for a down payment is crucial so that you can put the most money down — preferably 20 percent to reduce your mortgage loan, qualify for a better interest rate and avoid having to pay private mortgage insurance,” Woroch explains.
“Open a separate account for down payment savings that you don’t use for any other expenses. This will help you stick to your savings goals.”Step 4: Choose the right mortgage, Once your credit score and savings are in an adequate place, start searching for the right kind of mortgage for your situation.
A conventional loan could be a better fit for a homebuyer with a higher credit score and more down payment savings. Mortgages can have a fixed or adjustable rate, meaning the interest rate stays the same for the duration of the loan term or changes over time, respectively. Most home loans have 15- or 30-year terms, although there are 10-year, 20-year, 25-year and even 40-year mortgages available.
If you can’t afford that risk, the fixed-rate is the way to go.Sign up for a Bankrate account to determine the right time to strike on your mortgage with our daily rate trends. Step 5: Find a mortgage lender, Once you’ve decided on the type of mortgage, it’s time to find a mortgage lender.
With a preapproval, the lender will review your finances to determine if you’re eligible for funding and an amount they’re willing to lend you.“Getting preapproved before shopping for a home is best because it means you can place an offer as soon as you find the right home,” Griffin says.
Step 7: Begin house hunting, With preapproval in hand, you can begin seriously searching for a property that meets your needs. Take the time to search for and choose a home that you can envision yourself living in. Mortgage Rates Ottawa. When you find a home that has the perfect blend of affordability and livability, be ready to pounce quickly.
“Spend time examining the housing inventory, and be prepared to move quickly once the house that meets your criteria goes on the market.“Utilize social media and ask your agent for leads on homes going on the market before they are listed on the MLS,” Bardos also recommends. Step 8: Submit your loan application, If you’ve found a home you’re interested in purchasing, you’re ready to complete a mortgage application.
Step 10: Close on your new home, Once you’ve been officially approved for a mortgage, you’re nearing the finish line. All that’s needed at that point is to complete the closing.“The closing process differs a bit from state to state,” Ailion says. “Mainly it involves confirming the seller has ownership and is authorized to transfer title, determining if there are other claims against the property that must be paid off, collecting the money from the buyer, and distributing it to the seller after deducting and paying other charges and fees.”Common closing costs include: Appraisal fee Credit check fee Origination and/or underwriting fee Title insurance and services fees Attorney fees Recording fees You will review and sign lots of documentation at the closing, including details on how funds are disbursed.
Bottom line, They say you shouldn’t put the cart before the horse. The same is true in the home-buying process. You’ll need to complete several steps to finance a home, so the more you learn about what’s required, the better informed your decision-making will be. If you’re denied a mortgage, there’s no barrier against trying again in the future.“If you are unable to qualify for a loan with favorable terms, it may make more sense to simply wait until you can make the necessary changes to improve your credit history before trying again,” Griffin suggests.
: If you’ve been in the same industry for many years, start a pre-approval and get the lender to confirm they’ll accept your income. If not, just wait until you’ve filed taxes for two years before you try to buy a home - Ottawa Mortgage calculator. : The more you write off, the lower your taxable income.
: Some lenders offer a ‘stated income’ program, meaning they’ll look at revenues and expenses instead of tax returns to try and get a more realistic assessment of your income. Sometimes those estimates are still too conservative, and you might be better off writing off fewer expenses for two years to demonstrate a higher income.
: You need to be able to demonstrate that even after a down payment, you have cash in hand to cover unforeseen expenses. : Build up as much cash as possible leading up to buying a house. If you have the option, you’ll want to opt for a smaller down payment and keep more cash in your savings.
: Lenders want to see either a consistent income or a growing income, and will typically take the most conservative estimates. If for example in 2017 you earned $30,000 and 2018 you earned $130,000, they’ll take a blended average to estimate your buying power. If the reverse is true, where 2017 you earn $130,000 and 2018 earn $30,000, they’ll take the most recent year as your income.
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