A Beginner’s Guide to Applying for Mortgage Financing
Applying for a mortgage can be daunting, as mortgages are a significant commitment that requires strategic planning. To make the process smoother and less stressful for you, as well as save you some time and money, it’s essential to consult with a mortgage broker.
Mortgage brokers are licensed agents who have successfully completed the government required classes and are the only professionals who are legally allowed to offer mortgage advice to their clients. Bank loan officers complete training only through the bank and as such, are not required to know the legalities of the mortgage finance rules. By working with a mortgage professional, you enjoy FREE services. They offer accurate advice and options based on your unique situation and let you know if you are getting a suitable mortgage.
I, Leanne Gould, am an experienced mortgage expert and have assisted many individuals and families in financing the home of their dreams. To help you get started, I have put together a Beginners Guide to applying for mortgage financing.
Contact a mortgage broker: I will educate you about the documentation required to apply for a mortgage as well as my reasoning behind my requests. I will also take the time to get to learn more about you as a shole, which I critical when presenting your file to a lender. I will save you valuable time as well as unnecessary credit hits by being able to offer you the options provided by multiple lenders, which means you don’t have to schedule appointments with each bank and take time away from work and family. I am your personal shopper.
Collect the required documents: Put together the paperwork that I have asked for as quickly as possible. If there is some documentation you do not possess, let me know so that I can assist you in obtaining it. The more thorough your file is, the better prepared we are for the lender, and your chances for a quick and smooth approval are higher. If a lender has questions, we will be ready to answer quickly without time delays or scrambling for items, this makes us both more professional and responsible to the lender.
Be thorough: When filling out your mortgage application, make sure you complete the application form and provide written consent. If you have doubts about a particular field in the application form, ask me for help.
Provide proof: Along with your application form, you also need to provide full CRA tax documentation, which includes Notice of Assessment and T1 Generals or Proof of Income from CRA (Canada Revenue Agency) website.
Be honest: Avoid omitting or including incorrect details about your occupation or financial status when filling out your mortgage application. This is considered fraud and can lead to not only the rejection of your application but also strict legal action. DO NOT leave out child support or alimony or any other debts you may be a co-signor or guarantor on.
Advice From The Pros
THIS is a process, not an instant decision: Once you get a conditional approval, we need to ensure the lender accepts and confirms our paperwork provided. During this process, avoid removing conditions without consulting me, your mortgage broker. Also, don’t let anyone pressure you as this is a tactic that can cause you to make costly mistakes.
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.
Stay in touch: If I contact you for information once your application is sent in, try to respond as quickly as possible to avoid cancellation of your file with the lender. At the same time, pay attention to the process, enjoy the good experiences, and learn from the bad, then just breathe and let me do the heavy lifting for you.
Ask questions: Always ensure you understand the process and ask questions. A mortgage is a major life event, so you need to have clear information. While it’s great to talk with family and friends about mortgages, you need to bear in mind that the rules change, and non-experts don’t have always have the right answers.
Look at your options: Consider different mortgage products and rates before you make a decision. Similarly, learn how each choice can impact your future. I will offer educated opinions and can discuss the pros and cons of a variety of products you may be hearing of. The lowest possible rates you see advertised may not be in your best interest or may come with additional qualifying criteria so may not be available for all clients. Look at a purchase plus where we can add renovation costs into your mortgage to make the perfect location all the more perfect.
For a supportive and friendly mortgage specialist, reach out to me, Leanne Gould. I am a licensed mortgage broker who will work with your specific needs and exceed your expectations. I have been serving borrowers across Wetaskiwin, Ponoka, Bashaw, Lacombe, Blackfalds, Rocky Mountain House, Sylvan Lake, Red Deer, Stettler, Innisfail, Bowden, Olds and Didsbury, AB and across Canada, for over ten years, and am ready to help you too!