THINKING OF PURCHASING A NEW HOME?
Let us walk you through the process.
New Year, New Goals!
If purchasing a new home is in the cards for this year we would like to take you through a step-by-step overview of the mortgage application process and what’s involved. The first step would be to obtain a pre-approval.
While most banks and lenders issue pre-approvals that are simply rate holds, your mortgage broker teamcan actually look at all of your documentation and make an educated evaluation as to what you’re going to qualify for.
The lender will still need to approve of the property but a fair amount of uncertainty can be eliminated early simply by doing some work before you have that offer on the table. This will also help clarify your budget and can help you boil all the information down into a more manageable format.
So with a little guidance, rather than thinking of a home purchase as one giant cost, we can translate that into a monthly budget which can help you make decisions much more easily.
Having a clear idea of what you want and who you want to work with, as well as gathering your paperwork early and getting that professional opinion from your broker, can mean the difference between losing out on a purchase and getting the home that you love.
It can also make the process of buying a home an easier and more relaxed experience.
In summary the benefits of having a mortgage pre approval:
- You know what you are qualified to shop for
- You know the down payment amount required
- You are established as a qualified buyer
- You will have a rate held for 120 days
- You are under no obligation, nor is there a cost to get a pre approval
The process to get things started is quite simple. Fill out a secure online mortgage application, and we’ll follow-up with you to fill in any application blanks and keep the process moving forward. You can come in for a face-to-face meeting or we can walk you through the process right over the phone.
Looking for information on the different factors lenders analyze when reviewing your mortgage application? Check our the 5 Cs of Credit for all the details.