Before you start looking for a home to buy, it’s a good idea to meet with your mortgage broker to get pre-approved for a mortgage amount. At this stage, the lender gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, pay stubs, Tax Returns and recent bank statements. There are a variety of different mortgage programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
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When you find property you’re ready to buy, your lender will help you complete a full mortgage application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the loan is sent to an underwriter, who reviews and approves the entire loan if it meets compliance.
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your mortgage is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the lawyer, where you’ll sign for the new home and pay any remaining costs. Then the mortgage is registered and you get the keys. Congratulations, happy homeowner!