A Beginner’s Guide To Obtaining a Mortgage

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. To most inexperienced buyers, the mortgage process can seem intimidating and complicated, but it doesn’t have to be.

For the past fifteen years, I’ve been assisting clients through the mortgage process and to ensure you have all the required information if you’re in the process of applying for one, I have formulated a Beginner’s Guide to obtaining a mortgage. By following this guide, as a first-time home buyer, you will learn about the key factors that lenders look for when assessing a mortgage application and how to prepare for it.

Getting Started

Hire a mortgage agent: Why do you need a mortgage agent? You need one for the same reason that actors have agents. The agent’s role is to do all the legwork to ensure the best opportunities are being presented to their client. Our role as mortgage brokers is to present you as strongly as possible to the various lenders and ensure that you are getting the best offers possible. And in most cases, you don’t pay for the services of a mortgage professional because the lender does.

Be prepared: Your application will be assessed on three primary criteria by any lender.

a. Credit Score and Debt Load.

b. Income.

c. Down Payment.

You will need to be able to provide documents related to all of these areas or allow your agent to collect these on your behalf. Having these ready when required, will quicken the application process.

Next Steps

Have a plan in place: The mortgage process isn’t always easy to comprehend, but there are measures in place and tried and tested strategies employed that increase your chances of a successful application. Here’s a list of a few things that you must do.

a. Get financing advice early. Don’t start looking for a property until you have secured a pre-approval. There’s no point at looking at houses that you may not be able to afford.

b. Have a monthly budget already worked out. The fact that you CAN qualify for a certain mortgage does not mean you SHOULD purchase at your upper limit. You are the one who will have to make the monthly payments, so you need to be sure it will be within your budget range.

c. Be organized. Be ready to provide any required information or documents when your mortgage broker or lender requests it.

Advice From The Pros

Credit is king: When applying for a mortgage remember that the most critical issue concerning mortgages is credit. If you plan on obtaining a mortgage, protect your credit and use it wisely.

Work with a trustworthy professional: Buying your first home can be an exciting but understandably anxious time. To ensure that you achieve your dream of homeownership, ensure that you are working with someone you are comfortable with who you know will do their best to get you the best possible mortgage product.

As an award-winning mortgage agent in Pickering, I aim to exceed your expectations and find you the best mortgage product. I use my over fifteen years of experience to make the process as easy and stress-free as possible. Visit my website to learn more about how I can help you or get in touch with Dion Beg today.