Did you know that in addition to working with a mortgage broker, there are a few steps you can take to guarantee your mortgage is approved on the first go? That’s right! By preparing yourself and understanding what is required during a mortgage application, you reduce your mortgage qualification stress.
To help you, Mortgage Mom has listed six tips to ensure your mortgage application is approved the first time. Keep reading to see what they are and how they will help you through your mortgage journey.
Tip #1: Make sure your credit is in good standing
The first factor a lender will look into when considering your application is your credit score. As a result, you’ll need to ensure your credit score is at an appropriate level. For this, you must keep your expenses low, pay your bills and debt on time, and avoid taking on more debt.
Tip #2: Collect requested paperwork quickly
As required, make sure that you collect all the necessary paperwork to submit along with your application form. This will include documentation to prove your income, identity, source and origin of your down payment plus other requested documentation.
Tip #3: Ask questions
When applying for a mortgage, take the time to ask as many questions as possible. Do this to get sufficient information about the mortgage you’re applying for. When you know what you’re getting into, you become comfortable with your decision and receive peace of mind.
Tip #4: Seek recommendations
When working with a mortgage broker, be sure to ask for recommendations not only with your mortgage options but also professionals that can help you further with your home purchase. Most mortgage brokers have a network of reliable realtors and real estate lawyers that can help you complete the purchase process.
Tip #5: Double-check your documents
Before submitting your documents, make sure all of them are the ones requested. You don’t want to be rejected because you forgot to attach a document you could easily acquire.
Tip #6: Don’t transfer money around between accounts in the 90 days before purchasing a home. Lenders will want to see 90 days history of your down payment, and will question any transfers and deposits outside of your payroll. I know that bonus interest is enticing, but for your sanity, your brokers sanity, and to help your file have less hiccups – hold off for a few months.
For more tips on applying for a mortgage, reach out to Mortgage Mom, Kerri Carter! I’m a mortgage broker in Langley, BC, and I represent you and ensure the mortgage you get is the one best suited for your situation. My goal is to provide you with sufficient insights and information so you can make smart decisions.
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