The holiday season is fast approaching, bringing with it a busy time of year packed with festivities, family gatherings, and gift giving.
Whether you're considering purchasing your first home or looking to upgrade to a larger space, securing a mortgage during this time of the year may seem daunting. However, with the right approach and some practical tips, you can turn your dream of homeownership into a reality this holiday season.
Start The Search Early!
Lenders and real estate professionals may have reduced availability during this time, and you'll want to ensure you have enough time to gather the necessary documentation, such as proof of income, credit history, and employment details so that your mortgage process will go smoothly over the busy holiday season.
Explore Pre-Approval Options
If you're planning to secure a mortgage soon, obtaining pre-approval is the optimal way to ensure that when the right moment arrives, you can secure the mortgage you desire. Sellers frequently favour buyers with pre-approval, as it showcases your financial preparedness and commitment to completing the transaction. Chat with us, your mortgage experts, to secure pre-approval before starting your search for the ideal home, and envision stepping into your new home this holiday season.
Watch Your Spending!
It is no surprise that the holiday months are known to be the most expensive months of the entire year. Between travelling to visit family and purchasing gifts, it is often difficult to stay within budget. However, your credit score plays a significant role in the mortgage approval process. It is important to avoid getting caught up in the rush of festive spending, and to be mindful of your spending. Avoid making large purchases or taking on additional debt, as this can impact your mortgage eligibility and the mortgage rate you end up obtaining.
Stay Up to Date with Market Trends
The holiday season often brings a fluctuation in market trends, as some sellers choose to hold off on selling until the New Year, and others are quick to get their home on the market.
Depending on when you're in the process of searching for a home during the holiday season, it's vital to closely monitor existing market trends, interest rates, and any potential shifts in the housing market. This ensures that you will make a well-informed decision when pursuing a mortgage with favourable terms.
Look into Off-Peak Opportunities
While the holiday season is generally busy, it can also present opportunities. With some eager sellers looking to close before the year ends, the holiday season often provides those with a large inventory of homes to choose from in their area.
With the lack of competitiveness from other sellers who may be holding off on selling until the New Year, take advantage of this time of year by actively searching for homes in the area you desire. Once you are pre-approved and have all of your documents in place, the process to obtain your dream home over the holidays just got easier!
Chat with Arise Mortgage this holiday season
By starting early, maintaining good credit, exploring pre-approval options, staying informed about market trends, and considering off-peak opportunities, you can unwrap the gift of homeownership and make this holiday season truly special.
Get in contact with our team to discover how our support can be the best gift you unwrap this year!