Step By Step Guide To Getting A Mortgage Approval

Young couple applying for a mortgage

Regardless of your financial situation, every one envisions the home of their dreams. The mortgage process might seem quite daunting. If you are a first time home buyer or trying to qualify for a mortgage with the new mortgage stress test rules these dreams might seem harder to attain. If you have bad credit you may think that your dreams are unattainable. At Sunlite Mortgage we are here to make your home ownership dreams a reality.

 

Here is our free, easy, step-by-step guide on Getting A Mortgage Approval.

Step 1: Figure Out Where You Want to Buy Your First Home

For some people buying your first home may mean buying a fixer upper and doing the renovation to make it the home you want for your family. For others, it’s buying that home that just perfect for them and all they have to do is move in, set the furniture in place and enjoy the comforts of home.

As you search through your MLS listing and task your realtor to find the picture perfect house, keep in mind as to what exactly is it that you’re looking for when it comes to searching for a new home as the could be the largest financial obligation you will make in your lifetime.

Step 2:  Know Your Credit History

Credit is a very important factor in the home buying process. The better your credit score and history, the lower your mortgage rate will be. Lenders sometimes go back as far as two years when they are evaluating your ability to make mortgage payments before they approve a mortgage loan. Keeping a close eye on your credit could be the difference between being approved for a mortgage or having your application declined.

Step 3: Figure Out How Much You’re Willing to Pay for a New Home

Owning a home can be very affordable if you give yourself buffer room for expenses. If you are a first time home buyer, there will be expenses that you didn’t budget for when you applied for your mortgage. These unexpected expenses could throw your finances out of whack. If you were renting before and something got busted, you would call the landlord who would pay for those repairs. Those expenses are now yours and they can add up.

Speaking of mortgages,  check out our free article, Mortgages: An Overview.

Step 4: Research Local Mortgage Options

Assuming that you already did your homework and know exactly what a mortgage is, then you would already know that there are different types of mortgages for different types of people. However, if you didn’t, don’t panic. At least you know.

Depending on which mortgage company you go to, different companies offer different types of mortgage options. So if you’re looking for a company that offers some of the lowest mortgage rates in Canada, then you’ll definitely need to do some extra research in that department.

Here at Sunlite Mortgage, we offer different types of mortgages, from multiple banks, credit unions and credit unions. We have many options for different types of home buyers. So if you’re looking to buy a new home, but aren’t exactly sure which mortgage option is right for you, then check out either our fixed rate or variable rate mortgage options, or our Home Equity Lines of credit.

If you’re a new home buyer who also happens to new to Canada and have not established your Canadian credit yet, then check out our New to Canada mortgage option.

Step 5: Calculate What Your Ideal Mortgage Rate Should Be

We also provide a free mortgage calculator tool and current mortgage rate tool on our website. That way, while you’re sitting down with your significant other(s) planning out how you want to design your new home, neither one of you will have to sit down and figure out all of that complicated Math(unless if you happen to be a Mathematician yourself, then by all means).

Step 6:  Applying for a Mortgage/ Make An Offer

Now that you have explored what you need and you should have a preapproval in hand you and your realtor should know what you can afford.

Step 7: Welcome to Home Ownership

Congratulations, new home buyer! You’ve just purchased your first home. Now don’t forget to set aside a budget for your mortgage so that you and your family can continue to live in the home of your dreams.

Otherwise, if you need help, then feel free to check out some of our “So tell us fellow home buyers, did you find our little mortgage process guide helpful? Which of our tips did you find most helpful?

If you’re interested in figuring out whether or not getting your mortgage from us is right for your home, please give us a call at 1-877-385-6267 or . We would love to hear from you.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Please fill in the required fields.

  • Date Format: MM slash DD slash YYYY