A Beginner’s Guide To Applying For A Mortgage
While shopping for a new house is the most exciting part of homeownership, searching for a mortgage is the most stressful part of the process. When you apply for a mortgage, your goal is to receive approval. However, the application process can be complicated and hectic, and without preparation, you run the risk of getting your application rejected.
To prevent this from happening to you, Spencer Murray Mortgages has put together a Beginner’s Guide to applying for a mortgage. In this guide, I have covered the crucial steps for a successful mortgage application and also included tips to help you avoid common mistakes.
Hire a broker: Enlisting a professional is beneficial because they will teach you all of the in’s and out’s of the mortgage process as well as give you realistic expectations on what is to come. They also take care of the leg work when it comes to searching for a mortgage, and help you choose the best product for your needs.
Get your paperwork in order: The most important requirement when applying for a mortgage is the appropriate paperwork. Your employment situation, your financial capacity, etc., must be backed with sufficient physical proof to obtain a mortgage that’s suitable for your needs. For this reason, you must have your paperwork ready.
Expect expenses: While most mortgage brokers offer their services for free, that doesn’t mean you can apply for a mortgage without incurring any costs. When you initiate a mortgage application, there will be fees involved in the process that includes appraisal fees, lawyer’s fees, etc.
Advice From The Pros
Communicate with your broker: Communicating your mortgage preferences with your broker is vital to obtain a suitable mortgage product. For this reason, you must maintain clear and open communication with your mortgage broker.
Be patient: You need to remember there is a mortgage process, and this takes time. Most aspects of a mortgage can be completed on time, but there are times when certain procedures take a bit longer than expected to complete, causing delays.
Avoid large expenses: The biggest mistake you can make while applying for a mortgage is making a large purchase on credit or opening up other sources of credit. This will affect your credit score and, in turn, your eligibility for a mortgage. What you should do is wait until the mortgage process is completed to make any big purchases.
Listen to your broker: Listen to your mortgage brokers advice when applying for a mortgage. They are experienced in the mortgage process and know the best ways to approach mortgage lenders.
At Spencer Murray Mortgages, my goal is to exceed your expectations and always put you first. As the go-to mortgage broker in London, ON, for all your mortgage needs, you can feel confident in my services to purchase the house of your dreams. I help you simplify the process of homeownership and strive to make it an exciting endeavor for you. I am passionate about offering reliable, FREE services to you, and I am determined to give you an individualized experience and my full availability to ensure your needs are met.