Learning Centre
Improve your credit score
Credit score are mostly used as benchmarks for determining someone’s ability to pay back the debt. You can still get a loan with a bad credit; however, you might not enjoy the benefit of low interest rates that come with having a good credit score. However, Marquis still offers competitive rates in the market to people with bad credit. However, you can boost your credit score by ensuring that your bills are paid on time and keeping your credit utilization at 30% or less. Regularly check your credit score to ensure that there are no errors and in case they are, rectify them before applying for a mortgage.
Build a record of steady employment
Having a proof of income, and more specifically, a steady record of employment from the same employer puts you at a favourable position when acquiring a mortgage. You will need to have pay stubs, w-2 forms and in case you earn bonuses and commissions, you can provide documents supporting this.
If you are self employed, you can put together your profit and loss statements and tax returns to help with your application.
Save up
You can opt to pay a substantial amount on your down payment to obtain a lower mortgage rate. This will significantly alleviate financial pressure when paying back the loan since your monthly bill will be reduced. However, if this is not feasible for you, we accept as low as 10% down payment on your mortgage.
Lock in your rate
After signing the purchase agreement, you can lock in your rate to eliminate changes as the price fluctuates in the market. Make sure to lock in your rate when it’s low to avoid the high cost of payment when you lock in a high rate. You can speak to our team of professionals to find out the latest trends in the market. Afterwards, you can lock in your rate in minutes!