Tag Archives: mortgage

How To Get Your Mortgage Approved

By obtaining prior approval from your bank, you have a powerful chance to find the home of your dreams. Read the following tips for getting a pre-authorized mortgage and take the right path to buy your home!

Mortgage Approval

6 steps to get a mortgage approval from your bank

  • Check your credit rating

In a few minutes, your lender or you can establish your credit report and ask for your rating. By knowing these values, you can easily locate yourself in the real estate market and make the best decision between buying a house or apartment. Private reserve the lowest interest rates for people with the best credit ratings.

  • Provide proof of income

One of the first things a mortgage lender will ask of you is proof of income. Your T4 statements in recent years are an important guide for your lender by allowing you to accurately assess what you earn and how much you can afford.

  • Prove your assets

In addition to your proof of income, the mortgage lender will also want to view your bank statements. They will provide him with conclusive information that will allow him to get a complete picture of your specific financial situation and establish a better evaluation of your ability to repay and borrow a mortgage. This step will also include an inventory of your current indebtedness. You may want to consider repaying some debts, such as a student loan before you begin the preliminary approval process to ensure you have the largest capital available to expand your home buying opportunities.

  • Bring confirmation of employment

Without just checking your pay slips, the lender will also need to make sure you are currently employed. He may even contact your employer to confirm your salary.

If you have changed jobs recently, the lender will be able to call both your previous and current employers to get a better idea of your financial situation and provide you with the best loan options for home purchase.

  • Provide your personally identifiable information

Your lender will want to know almost everything about you! The next step is to provide personal identification forms such as a driver’s license and other relevant documents. It is also possible that a signature will be required to allow your lender to obtain the history and credit reports.

  • Start the process

Regardless of the type of home sought, it is important to have a preliminary mortgage approval that is an important and powerful tool in homeownership.

The intervention may seem a bit overwhelming at first, but your lender is a professional who needs as complete and accurate a picture of your finances as possible to help you find a home that you can afford now as well as at home. ‘to come up.

Contact a licensed mortgage lender in your area to begin the preliminary approval process for your mortgage!