Buying a home is a major accomplishment for any first-time or seasoned home buyer. Having your finances in order and choosing the right Burlington mortgage broker is important when beginning the application process.
It is also important to know what exactly is expected of you when you begin applying for a home loan. So, to help you get started, your local mortgage broker with Loewen Group Mortgages has listed what exactly you need to know before applying for a home loan.
Tip #1: Have A Stable Income
Having a stable income is a very important factor that helps determine whether or not you qualify for a loan. Make sure you receive a consistent paycheck so your mortgage broker will feel more comfortable lending to you. If you do not have a stable income, you may find it more difficult to get approved for a loan because brokers may be more hesitant to lend to you
Tip #2: Good Credit Score
Your credit score also determines what rates you can receive on a Burlington mortgage, so be sure and have a decent credit score before you apply. However, do not be discouraged if you have poor credit because there are still mortgage options available for you. But for now, try raising your score as much as possible before applying. You can do so by avoiding opening new lines of credit and by paying off high-interest loans such as your credit cards.
Tip #3: Long-Term Employment
Another thing you need to know before applying for a mortgage is that most brokers prefer borrowers to be employed with their current employer for a long period of time. If you have not been with your employer for at least two years, you may want to hold off on applying. Or if you are considering leaving your job, wait to do so until after you have signed for your loan.
Tip #4: Required Documents
When you show up to your first meeting with your Burlington mortgage broker, it is important you come prepared. The required documents you will need to bring include your personal identification, proof of income, bank statements, tax forms, any assets you have, as well as any additional loans.
For more details on what you need to know before applying for a mortgage or if you are ready to begin your application, please contact the Loewen Group Mortgages team at 289-337-4029.