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Blog by Mary Roy

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What Getting a Mortgage Requires of You

What Getting a Mortgage Requires of You.jpg

For most of us buying a home in cash rather than a combination of cash and credit is impractical, meaning that a mortgage represents our most reliable path towards home ownership. However getting a mortgage is one of the biggest commitments that you can make, so you should spend some time making sure that you are ready for the responsibility.

What Getting a Mortgage Requires of You

Credit Score

A credit score is the single most common measure of someone's credit-worthiness. As a result, you need to clean up your credit score if you want to get a mortgage, particularly if you have run into financial problems in the past. Fortunately you can improve your credit score by making regular payments on time, having an extensive credit history, using a wide range of credit types, and reducing the number of checks performed on your credit score. Note that even if you have already gotten your mortgage, improving your credit score can make it that much easier for you to refinance in the future, which can save you thousands of dollars over the course of your debt obligation.


A credit score is no more than a general assessment of your credit-worthiness. Your real ability to handle a mortgage is greatly affected by your monthly expenses relative to your monthly income, because it shows how well you can continue meeting your debt obligations if something goes wrong. After all, the more spare room that you have in your budget, the more financial blows you can absorb without succumbing. As a result, it is extremely important for you to know your monthly expenses at all times.

On a related note, you can reduce your chances of failing to meet your debt obligations by making arrangements in case something goes wrong. 

Lender Variety

Different lenders are willing to lend to different people under different circumstances. This means that even if you can't get a mortgage from one lender, you might be able to get a mortgage from a second lender so long as you are willing to pay higher interest rates. Similarly, you need to meet with a wide range of lenders because it provides you with the widest range of options when it comes to your mortgage. This makes it much easier for you to find a lender well-suited to your exact needs and circumstances.

Guarantee of Timely Payments

Finally, you need to make your monthly mortgage payments on time. If you are willing to make pre-authorized payments from your bank account, it is probably the simplest and most straightforward solution to your problem. However if you are not willing, you need to come up with some way of reminding yourself in case your memory slips. This can be as simple as making a note of the payment date on your calendar to setting up a reminder for yourself using one of your digital devices.

Contact Us

To learn more about what getting a mortgage requires of you, please contact us at your earliest convenience. Getting a mortgage is a serious commitment, meaning that it deserves all the care and consideration that it can get. As a result, you should not hesitate to act to get informed before you make the final decision.



Have you ever spent countless hours search through the MLS system seeing the same homes over and over again looking for the perfect home, hoping to find something new?   Then, when you do find what could be your dream home, you call the listing agent only to find out it has already sold?


Mary Roy & Team have been selling homes in the Durham Region since 1987!  Ranked in the top 1% of Realtors across the GTA and Durham Region, we know what it takes to get homes sold fast, and for the most money.We provide each of our clients with a comprehensive plan of action outlining exactly what will be done to get their home SOLD and for the MOST MONEY! We will provide you with up-to-date information on your marketplace, as well as the price and details of competing properties.