The latest interest rate hike has suddenly reduced your mortgage qualifying power. Now, it seems, buying a home is officially out of reach — for now.
Here are a handful of ways to continue to improve your finances while awaiting the right time to buy:While waiting, beef up your down payment by increasing weekly automated savings. I’m often asked if it’s worth jumping to a new job if you’d be considered a less secure person to lend to. If changing jobs pushes your income up by more than 15 per cent, it’s likely an overdue change and would pay off with higher qualifying power, better cash flow and stronger pension opportunities.Still have lingering debts? Now is a prime time to clear them up. The fewer debts you have going into a home purchase, the better overall your money picture will be.