A Beginner’s Guide To Applying For A Mortgage

Author: MORTGAGEGIRL BC – JACKIE WOODWARD | | Categories: Mortgage Broker , Mortgage Professional , Mortgage Services

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Once you’ve decided to buy your first home, there’s a good chance that you’re planning to obtain a mortgage to finance the purchase. Acquiring a mortgage can seem intimidating and complicated to most first-time homebuyers, but it doesn’t have to be. However, when you prepare appropriately and have the right professionals to assist you, applying for a mortgage is pretty easy. As an expert mortgage broker, MORTGAGEGIRL BC – JACKIE WOODWARD understands how hard the process of getting a mortgage can be, especially if you are a first-time homebuyer. This is why I have written down a beginner’s guide to applying for a mortgage. 

Getting Started

Hire a professional: Hiring a mortgage broker to assist with your mortgage approval means you are hiring someone who is independent and unbiased. They will be able to point out anything you may not be aware of or weren’t considering as part of your mortgage approval. 

Get your financial paperwork together: As part of the mortgage process, you will need to submit a few documents such as a T4, Notice of Assessment, bank or investment statements for down-payment, recent pay stubs, business financials if you own your own business, etc. Be prepared to provide additional paperwork as required. 

Next Steps

Plan ahead: There are a lot of different variables that go into being approved for a mortgage, and many of those variables require time to ensure they are dealt with properly. If you do your research and make a plan early in the process, you will be prepared for anything that might come your way. 

Maintain your current financial status: Do not quit or change jobs, do not miss any payments, or apply for new credit. Do not spend your down payment and legal costs. Tell me about all your debt, including child support and spousal support, as these can be handled in different ways and must be included in our application. Make sure to keep your credit balances lower than 50% of the available limit if possible, as this keeps your scores stronger.

Advice From The Pros

Ask questions: Ask lots of questions. We love the questions and want to make sure you are 100% comfortable with your decisions. Additionally, we urge you to respond quickly to questions/requests for information/paperwork and ask you to be truthful when revealing all information. 

If you are looking for a mortgage broker in Chilliwack, British Columbia, then reach out to me at MORTGAGEGIRL BC – JACKIE WOODWARD. I have been working in the financial industry for over forty years with a number of different financial institutions. One thing really bothered me while with the bank was the limited financing options offered. So in 2001, I made a big decision. If I was going to better serve my clients, I would become a licensed Mortgage Broker, which I did, and am still going strong! 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 to clients across Maple Ridge, Abbotsford, Chilliwack, Mission, Langley, Hope, and the surrounding areas. To learn more about the services I offer, please click here. To get in touch with me, please click here.  

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