ASSESS YOUR CREDIT & FINANCES

STARTING THE HOME BUYING PROCESS

PREPARATIONS ARE CENTRAL

FINANCIAL CONSIDERATIONS

Determine Your Credit Status
All mortgage lenders will compile a credit check to help secure your mortgage loan, Its advise to verify your credit rating in the beginning of your home search. Identifying and resolving any credit problems to improve your credit rating will provide benefits, such as preferred rates from lenders and home insurers. To acquire a copy of your credit report - two major credit bureaus; Equifax and TransUnion.
Talk With A Mortgage Advisor
Ideally someone who comes highly recommended. There are hundreds of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank. However, if you have a good relationship with your financial institution, contact them or I'd be happy to recommend someone as well.
Rates And Duration
Two of the most important factors in choosing a mortgage are the interest rate and duration. Combined with the amount you borrow, will largely determine the amount of your monthly payment. Mortgage rates change, subject to various economic factors. Most buyers opt in for a fixed-rate usually 1-5 year terms, paying the same interest rate over the term. With an adjustable rate mortgage rates changes after a predetermined number of years.
Complete And Submit Your Application With The Mortgage Advisor
They will collect your financial and personal information in order to find out how much mortgage you can carry.
Complete And Submit Your Application With The Mortgage Advisor
They will collect your financial and personal information in order to find out how much mortgage you can carry.
Verification Of Your Details
They will do their checks and balances to make sure you are not getting in over your head. Looking at steady income for the past two years, credit score, payment history, outstanding debts and savings and where your down payment is coming from.
Pre-Qualification vs Pre-Approval - Obtain A Copy Of Your Pre-Approval
Pre-qualification: an informal determination by a lender or mortgage broker stating the amount of mortgage you can afford.
Pre-approval: a guarantee in writing by a lender to grant you a loan up to a specified amount. This is a powerful negotiating tool, especially in a multiple offer situations. The seller of your dream home will feel more confident that you are the right person.
Having Pre-Approval Documentation Can Offer Other Benefits
  • Saves you time by only looking at properties that you can afford.
  • Rate guarantees and mortgage terms can save you money for years to come.
  • Less stress throughout the process. You will know that you are ready and capable of buying.
  • Get a better deal on the home that you want. Sellers like to know that buyers already have financing in place.
Down Payment / Deposit
Lenders require a down payment from buyers, typically up to 20% of the appraised value of the homes purchase price. The deposit will become part of the offer as a sign of good faith which typically is 5% of the purchase price. Note: If the sale does not close, due to negligence of the buyer your deposit could be forfeited to the seller. A mutual release form would need to have both buyer and seller signatures to release the funds back.
Obtain Mortgage Insurance

Mortgage insurance  helps protect the mortgage lender if the buyer falls into default.

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Buyers Guide Listing Presentation DOWNLO
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CREDIT & FINACES SECURING YOUR

PRE-APPROVAL

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THINKING OF BUYING

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Elizabeth Hobson Toronto Real Estate Agent
Securing Your Pre-Approval
The mortgage industry is highly competitive field and it is important to understand that interest rates can change at any time. Partnering with a mortgage advisor and /or financial institution to help you find the right mortgage product at the best rate is key to your home buying process.
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