Look deep into nature, and then you will understand everything better.

Albert Einstein

Are You Employed?

It’s an obvious one. Tenants that are stably and gainfully employed have the best chance of fulfilling a landlord’s number one need: having the rent paid in full and on time. The best tenants will be secure in their employment, and earning enough to comfortably afford the rent – even in the event of unforeseen costs. If you are a student, you will have to show proof of how you intend to pay your rent. Some landlords may prefer a student who has their parents paying rent over a recent graduate with an unstable employment situation.

Are You Single or a Couple?

If you are part of a couple where you are both employed, that means two income streams to rely on to pay the rent. However, having two tenants may increase costs may be included in your rent, such as water and power usage. How long you’ve been together may also factor into the decision. Couples that have been together consistently over a longer period of time are seen as more stable and less likely to have to end their lease due to a break up. For a young couple that is moving in together for the first time, that risk may be perceived to be higher.

Are You A Pet Owner?

While many pet owners like to think their animal would never be any trouble, many landlords simply will not rent to people with pets. For responsible owners with well-trained animals, this is an unfortunate reality. Concerns your prospective landlord might have include damage to the unit, allergy concerns (in shared space), the safety of other tenants in the building, and noise complaints.

No matter what, be honest on your application and with your potential landlord. Lying about having a pet, your need to practice the drums or how many people will be living there will only hurt you in the long run.

Not doing the hard yards – the temptation is to cut corners on your research because you’re sick and tired of giving up your weekends looking at property but this is likely to be one of the biggest financial decisions you’ll ever make so you want to get it right! The better you know the area, the better you will become familiar with prices and importantly you’ll know how to spot great value when you see it!
5Forgetting about buying costs – remember to add stamp duty and settlement costs into the mix. This is usually up to an additional 5% on top of the purchase price that needs to be factored in when setting your budget.

Not Knowing Your Real Rates

When you’re looking at rates, make sure you’re comparing your APR (annual percentage rate) to know what your true rate will be. Check out our website to see a comparison of rates from various lenders to see which lender offers you the best rate.

Choosing the Wrong Loan Type

After you figured out you want to refinance, take time to establish what your objective is. Do you want to lower your overall payment regardless of the length of the loan? Do you want to be debt-free by a certain year? Consider the cost of the refinance in comparison to the financial benefits – is it worth it? Once you’ve answered these questions, talk to one of our loan officers to hear what type of loan will help you accomplish your goals.

Not Keeping Up With Your Borrower Responsibilities

As your lender, you rely heavily on us; however there are some obligations you have to take care of on your own. Make sure you have decent credit and avoid taking on any more debt, even after the refinance has been approved. Also, to make sure you get that low rate you worked so hard to find, check your lock-in dates so that you secure that interest rate, and make sure you turn in all documentation that’s needed as soon as it’s requested so you don’t delay your closing date, jeopardizing your interest rate.

Mistakes of First Time Buyers

Or, you may spend too little. Yes, this can also be a mistake! If you spend too little on a home that you’ll outgrow quickly, you’ll incur the expense of moving (which can be quite pricey) perhaps before you need to.

Mat Jefferson:

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The corporation is membership-based, with membership granted by way of a share purchase in the cooperative. Each shareholder in the legal entity is granted the right to occupy one housing unit. A primary advantage of the housing cooperative is the pooling of the members’ resources so that their buying power is leveraged, thus lowering the cost per member in all the services and products associated with home ownership.

Another key element is that the members, through their elected representatives, screen and select who may live in the cooperative, unlike any other form of home ownership. Housing cooperatives fall into two general tenure categories: non-ownership (referred to as non-equity or continuing) and ownership (referred to as equity or strata). In non-equity cooperatives, occupancy rights are sometimes granted subject to an occupancy agreement, which is similar to a lease. In equity cooperatives, occupancy rights are sometimes granted by way of the purchase agreements and legal instruments registered on the title. The corporation’s articles of incorporation and bylaws as well as occupancy agreement specifies the cooperative’s rules.