Becoming a homeowner is a lifelong dream for many Canadians. As with all new experiences, there will be uncertainty, and you may even second guess yourself once or twice. You’ll be interviewing realtors, looking at homes, worrying about bidding wars, and let’s not forget the big one: Qualifying for a mortgage. Whether you are a new mortgage buyer, or looking for a self employed mortgage in Burlington and Oakville, there is one universal first step: The mortgage pre-approval process. At HW Advantage, we can assist our clients with this process and answer any questions along the way.
What To Do
Apply for a mortgage pre-approval first. Most Canadians think the first step in the home-buying process is to contact a realtor and start looking at homes. This isn’t correct. The first thing you should do is apply for mortgage pre-approval. After all, if you find a home you like, you’ll want to move quickly and being pre-approved for a mortgage removes an extra step in the process.
Assemble your documentation. Collecting all of the documentation required for a mortgage approval can take time so it’s best to get started right away. Your HW Advantage mortgage broker can provide you a list of required documentation to finalize your mortgage and begin gathering it all in one place.
What Not To Do
Don’t make major purchases. Once you’ve submitted your documentation to your loan officer, your financial situation shouldn’t change from mortgage pre-approval to loan finalization. You don’t want to change your financial situation because that could ultimately result in loan rejection, even if you were initially pre-approved. To avoid rejection, don’t make any major purchases that change your debt service ratios.
Don’t apply for new credit. You also shouldn’t apply for new forms of credit like a line or credit or credit card, and don’t co-sign a loan for a friend or family member. Otherwise, you may no longer qualify for a mortgage.
For more information about why you should consider HW Advantage for mortgage pre-approval, please continue to browse through our website. Finding a good mortgage rate and business owner mortgage in the Burlington and Oakville area is just a call away! Fill out our contact form or call us at 905-541-6961.