30 tips to get your mortgage approved

30TIPSTOGETYOUR

MORTGAGEAPPROVED

JACKIEWOODWARDMORTGAGEEXPERTTMGTHEMORTGAGEGROUPINFO@MORTGAGEGIRL.CAMORTGAGEGIRL.CA780-433-8412

Ge/ngamortgageisnotlikegoingtothegrocerystoreandchoosingthepackagewiththelowestrateandbestterms,it’sabitmorecomplicatedthan

that.


Tohelpmakeyourtriptothemortgagemarketgosmoothly,I’mgoingtoshare30quick:psonhowtogetyourmortgageapproved.

1.Haveyourdocumentsreadytogo


Ifyou’renotsurewhatyou’llneed,findoutfirst,andgetaheadstartonanypaperworkyou’remissing.

2.Getamortgage

pre-approvalaheadofRme


Ifyouareunsureastowhetheryouwillqualifyforamortgageorwhatyouhavetodobeforeevenqualifyingforamortgagehavealendertakeapreliminarylookatyourapplica:onsotherearenodisappointmentswhenyouarereadytobuy.

3.Haveagoodcredit

score


ThehigherthescorethebeBer.

4.Don’tborrowyourdownpaymentifyoudon’thaveto


Themoreyouhavefromyourownresources,themoreappealingyoulooktoalender.

5.Haveminimaldebt


Theless,thebeBer.

6.Buywithinyour

means


Youneedtoqualifyforwhatyoubuy,ensureit’saffordable.

7.Staywiththesameemployer


Thelongeryou’vebeenwiththesameemployer,thebeBeritlooks.

8.Providealarge

downpayment


ThemorethebeBer,becauseitmeanslessriskforthelender.

9.SellyourexisRng

propertyfirst


Ifyoudon’tsell,youmustqualifytocarryboth.

10.Havegoodcreditrepayment

history


Agoodcreditscoredoesn’tmeanmuchifthere’snotenoughhistoryofdebtrepayment.

11.HaveposiRvenet

worth


Assetslookgoodtoalender.

12.Don’trush


Some:mesyoucan’trushagoodthing.

13.Shoparoundforthebestratebefore

youbuy


Preventdelayswhenitcomes:metobuy.

14.Doyourresearchfirst


Bepreparedtoavoidsurprises.

15.Don’tchangejobsatthelastminute


Yourlenderwillneedthenewdetailsandproba:oncancauseissues.

16.Avoidlast-minutelarge

purchases


Materialchangestoyourapplica:on,includingdebts,canalteryourapprovalstatus.

17.Consultaprofessional


Usetheirexperiencetoyouradvantage.

18.Augmentyoursavingsaccount


Moremoneyisalwaysagoodthing,right?

19.Understandwhataco-signeris


Justincaseit’sneeded,you’llbeready.

20.AskforexcepRons


Youdon’tgetwhatyoudon’taskfor.

21.BepreparedtonegoRate


Ifit’sveryimportanttoyou,bepreparedtodiscussit.

22.Don’ttakenoforan

answer


Ifyoudon’tsucceedonthefirsttry,tryandtryagain.

23.Haveaback-upplan


Ifitdoesn’tworkoutoneway,prepareforaplanB.

24.Filloutyourpaperworkaccuratelythe

firstRme


Save:meandenergybydoingitrightthefirst:me.Askques:onsifyou’reunsurehow.

25.Behonest


Mortgageapprovalscanbewithdrawnifafalsifica:onisdiscovered.

26.Knowyourincomeifyou’re

self-employed


Itneedstobeclearlypresentedtoalender,somakesureyou’reontopofit.

27.BeopentoalternaRves


Theremaybeotherop:ons,butbepreparedforpoten:allyhigherinterestrates,andfees.

28.Budgetforclosingcosts


Costscanvary,beprepared

29.Paya`enRonto

detail


Some:mesit’sthesmallthingsthatcanmakeabigdifference,readthefineprint.

30.It’sokaytowait


Anapprovalmaynotbepossiblerightnow,thatdoesn’tmeanit’snevergoingtohappen.

WhiletheseFpsmightmakege/ngamortgageapprovalabitmore

likely,workingwithanexperiencedmortgageprofessionalwhocansuccessfullystructureyour

applicaFonforacceptancebyalenderisthequickestrouteto

homeownership.


Onceapproved,makesureyou’recomfortablewiththecommitmentyou’reabouttomake.Ensurethenewmortgagesupportsyourlifestylebybeingaffordableandalignswithyourfinancialgoals.


LET’SCHAT!

@Mortgagegirlca

30 tips to get your mortgage approved

Real Estate