A Checklist Post For Your Mortgage Application Preparation
Are you ready to take the big step and apply for a mortgage? If you’re considering buying a home, getting a mortgage is one of your most significant financial decisions. As such, it is important to be prepared before applying.
In this blog post, MORTGAGEGIRL BC – JACKIE WOODWARD will go over seven essential steps you should take to prepare for your mortgage application. By taking the time to do your research and get your finances in order before applying, you’ll increase your chances of being approved for the mortgage amount you need. Let’s get started!
1. Get your paperwork together
Before applying for a mortgage, you’ll need to gather all of your financial documents, such as your pay stubs, W-2s, tax returns, bank statements, and investment account statements. Having all of your paperwork in order will help expedite the mortgage application process.
2. Do not apply for any new credit
Avoid applying for new credit cards or loans before applying for a mortgage. Multiple credit inquiries can lower your credit score, which can negatively impact your ability to get approved for a mortgage. It’s best to wait until after you’ve secured your mortgage before applying for any new credit.
3. Do not change jobs
Lenders like to see a stable employment history when reviewing mortgage applications. If you’re considering changing jobs, it’s best to wait until after you’ve secured your mortgage. Changing jobs can delay the mortgage application process and potentially put your approval at risk.
4. Figure out where your down payment is coming from
Most lenders require a down payment when applying for a mortgage. Before applying, you’ll need to have a plan for where your down payment is coming from. Whether it’s savings, a gift from a family member, or the proceeds from selling a previous home, having a down-payment ready will make the mortgage application process smoother.
5. Check if you have any credit issues
It’s important to review your credit report before applying for a mortgage. You’ll want to make sure there are no errors on your credit report and that your credit score is in good shape. If you do have any credit issues, such as late payments or high balances, you’ll want to address them before applying for a mortgage.
6. Talk to an experienced mortgage broker
Working with an experienced mortgage broker can make the mortgage application process much easier. A mortgage broker can help you navigate the application process, find the best rates, and ensure you have all the necessary documentation. Be sure to research and choose a reputable mortgage broker who can guide you through the process.
7. Ask for a lawyer or realtor referral if you need one
When buying a home, you may need to work with a lawyer or realtor. If you don’t already have one in mind, ask your mortgage broker for referrals. They will likely have relationships with professionals in the industry and can recommend someone who can help you.
If you are looking for a mortgage broker in Chilliwack, BC, reach out to me at MORTGAGEGIRL BC – JACKIE WOODWARD. I started as a bank teller with one of the big five banks and then went on to learn anything and everything about mortgage lending. Now I work for you to make sure that the mortgage you get is best suited to your unique finances. I offer services like first-time home buyer mortgage, home purchase mortgage, mortgage pre-approval, divorce mortgage buyout, new to Canada mortgage, purchase plus improvements mortgage, mortgage renewal, refinance mortgage, Home Equity Line Of Credit (HELOC), and second mortgages. I offer these services to clients across Maple Ridge, Abbotsford, Chilliwack, Mission, Langley, Hope, and the surrounding areas.
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To learn more about the services I offer, please click here. To get in touch with me, please click here or give me a call at (866) 932-8412.