17 Nov Home Buyers Guide to Getting a Mortgage
There’s nothing like owning your own home in the Okanagan…
Many people dream of owning their own home, when the time comes to turn that dream into reality there are a few things potential home buyers will need to know about getting a mortgage. You can save time and money navigating the process by working with a professional broker who lives and breathes the fine print in extensively detailed mortgage contracts. As with most services, it’s better to shop around. Mortgage brokers offer you all the facts and present options that best suits your requirements. Saving you money and negotiating on your behalf for the lowest interest rates can translate to saving thousands of dollars each year! Professional consultation and advice enables you to feel secure in your property purchase. Here’s how to get started on the road to getting your mortgage:
Find Out What You Can Afford
A huge consideration to make ahead of time is how much of a monthly payment can you comfortably afford each month? What kind of repayment schedule would be most convenient? A variety of payment frequency options are offered by the majority of lenders including: biweekly, bimonthly, weekly, accelerated biweekly or on a monthly basis. Make use a mortgage calculators to get an idea of what your monthly payments would be. With this information you can create a monthly household budget and assess your personal financial situation.
Obtain Your In-Depth Credit Profile
It’s important to know the Credit Basics, your credit score directly influences how responsible you look to potential lenders. Secure your Debt Analysis, Credit Score and order your Credit Profile to get a clear view of your latest credit rating. Identify problem areas on your credit profile and make a plan for improvement. Credit reporting agencies often report monthly and recently paid debts may not immediately reflect your ranking for some time. Don’ t be discouraged. Keep a copy of your repayment receipts to prove you have done your due diligence. If anything is still outstanding on your credit report once you have taken care of it, be proactive and contact the credit grantor to document your dispute. Once you clear all of your previous debts, stay proactive with your credit profile. We recommend evaluating your credit on a quarterly basis to ensure that you can adequately address any issues as they arise. Maintain a spot in your filing cabinet to keep records, dispute letters and credit profile information for future reference.
Get Pre-Approved for Your Mortgage
Before you start shopping for both properties and a Realtor, it is wise to seek pre-approval from your potential lender. A lender will look at your finances and figure the amount of mortgage you can afford. Then the lender will give you a written confirmation, or certificate, for a fixed interest rate. This confirmation will be good for a specific period of time, usually 60 to 120 days to ensure a time-sensitive buffer.
Even if you haven’t found the home you want to buy, having a pre-approved mortgage amount will help keep a good price range in mind. The pre-approval process provides peace of mind when you are perusing properties. If the rates happen to climb while you are shopping around, you will still be eligible for the low rate you were offered during your pre-approval process. Conversely, if rates happen to go even lower you are still entitled to receive the benefit of the lowest market rates. A pre-approval is quick and painless. Usually you can get pre-approved within 24 hours with the necessary income verification and supporting paperwork on hand. It’s the right step in your home purchase process.
Remember: A Mortgage Broker works for you!
At John Antle Mortgages we are dedicated to helping you get the right mortgage. We provide the information, reference tools, and consultation needed to walk you through the mortgage process. There are several ways to get started from here:
JOHN ANTLE MORTGAGES – KELOWNA’S MORTGAGE SPECIALIST
We specialise in offering mortgage solutions that go above and ‘beyond the bank’. This means we are able to provide flexible solutions at great rates, often better than what traditional banks have to offer. Working with a mortgage broker can open up your options, allow for potentially greater solutions for your situation. We work with a variety clients including first-time buyers, those looking to transition from renting to owning or renewing a mortgage, self-employed business people, as well as investors in rental and/or vacation properties.