The one thing you can do to ensure a better home-buying experience is to get pre-approved. Having a mortgage professional look through your financial, credit and downpayment history can help address any issues ahead of time. Think of it like this: getting a pre-approval is the equivalent of starting a long road trip by filling up the tires, checking the oil and having a full tank of gas. You decrease your stress levels and help eliminate the chance of getting stranded on the side of the road.
GETTING YOU PRE-APPROVED
It’s my job as a Mortgage Professional to evaluate your situation. Here are the main things we look at when getting your pre-approved:
If you are a salaried employee out of probation we will need to verify this with a letter of employment and a recent pay stub. If you work on a commission income or make overtime we will need your last two years T4’s. There are many different sources of income. Contact me today if you would like more information on how to qualify for a mortgage.
Having at least two forms of active credit for two years with a good repayment history is an important factor in getting you the best rate and mortgage products. Have you had trouble with credit in the past? There may be a lender who has a mortgage product to fit your financial situation.
Getting your down payment organized can reduce stress ahead of the home-buying process. Pick a savings or investment account and make steady payments in the account to grow your down payment. Keep in mind that large deposits into your down payment account will need to be explained and the source of funds divulged. Have a down payment question, get in touch today!