Getting a house loan on your own: Here’s what single people need to consider

Tue 18th Jul, 2023

Single mortgage applicants are becoming very common.  More single people are investing in their own home and because there is only one person to assess, the mortgage process can even be simpler. So do not feel daunted. Becoming a homeowner as a single person is entirely doable.


In this edition, we will tell you all you need to know about being a single-applicant mortgagee and the different factors to consider when getting a mortgage on your own.


Tip No. 1: Do not ‘Go (too) big!’

Consider how much space you need as a single homeowner. Look for smaller houses with one or two bedrooms and one bathroom. Having a more manageable space will also reduce your costs and bills. At TTMF we have from time-to-time, a Property For Sale listing on our website which can provide some really good options. Properties on this listing are sold at Market Value.


Tip No. 2: Improve your credit profile

Your credit history is very important. Focus on your credit profile before you try to get a mortgage loan. The Automated Credit Bureau (ACB), where all mortgage lenders are subscribers, is a credit reporting agency that allows other lending agencies to access your credit history/profile from each of the other member subscribers. They can track you, so, you will need to pay all bills, including your credit cards bill on time. Check out TTMF’s Avoid – Disregarding Your Credit Rating for further insights.


Tip 3: Think about making a comfortable downpayment

Downpayments can be tricky and saving for one can be difficult. But if you can put down a substantial downpayment towards your home, your monthly payments will be lower, and you can even have a nice chunk of equity in your home.

You do not want to become ‘house poor’ and struggle from month to month to meet your monthly payments.


Tip No. 4: Beware of big mortgages

Just because a lender will approve you for a larger mortgage does not mean you should dive in and accept it. Remember, you alone will be carrying the weight, so be extra cautious about the size of your monthly mortgage payments. This way you will be able to plan ahead and budget your spending accordingly.

TTMF’s online mortgage calculator  is very useful and will show you different rates and different monthly payments that you can potentially qualify for. Use it to get an estimate of how much your monthly mortgage payment could be as well as, how much you could qualify for based on your income, age and debt. Read How to Pre-qualify for more information or you can Book a Prequalification Appointment  with one of our staff.


Tip No. 5: Consider a co-signer

If bad credit or other issues are interfering with your dream of owning a home, consider adding a co-borrower to your mortgage, whether or not they intend to live with you. Co-signing or getting a loan is a great option. Once you have come to a reasonable agreement, crunch the numbers, and determine that you’ll all be able to make the budget work, then go for it!


Also, with TTMF, take a look at:


Become Home Smart

Many people might picture homeownership as an event that happens only after two people get married and start a financial partnership. Some mortgages are still structured to reflect that idea. But that is not the only path to homeownership. Remember, TTMF is always here to help. Make an appointment with a knowledgeable TTMF representative by logging on to to chat online or call 623-TTMF.


We’ll take you from here…to home. Let’s get started…today!


Related articles:

How your Home can Help You

Tax Deductions for First-time Homeowners

Setting homeownership Goals for 2023? Here’s 4 Smart Tips to help you reach them

Key Steps to financing your First Home

The Ultimate Homebuying and Mortgage Guide for Singles (