HOUSE BUYING OPTIONS
Many first time home buyers as well as seasoned home buyers grapple with the question, “When should I get pre-approved for a mortgage, in the house buying process?”
Short answer: Before you start house-hunting!
Long answer: The best move is to get pre-approved for a mortgage before you start looking for a home. A mortgage pre-approval will not only help you set your budget but also your expectations. A pre-approval is like money in your pocket as it allows you to know how much you can afford. It’ll also signal to real estate agents and sellers that you’re serious about buying a home and have the money to back it up, which affords you greater negotiating power when making an offer on a house.
A pre-approval basically says that a lender will loan you a certain amount of money at a certain interest rate so that you can afford to buy a home. There’s no fee, no commitment and you can get pre-approved by using my Online Application or Make an Appointment and the MortgageMc will be happy to walk with you through the process.
Important Pieces of Documentation Required:
- Identification – to verify you are who you claim to be.
- Proof of income – pay stubs, a letter from your employer, notice of assessment and T4s will be needed to justify or verify your income.
- Bank account and investment statements – to prove you can cover down-payment and closing cost.
- Proof of assets – like a car, cottage, or boat.
- Information about your debt & credit – this includes student loans, car loans, and credit cards. Additionally, you will give written approval for your credit report to be accessed.
The MortgageMc will be your guide through the process to ensure it is very successful.