Neufeld Jones Will Help You Prepare To Meet A Kelowna Mortgage Broker
For those of you looking to snatch up some kelowna real estate for the summer, we’ve compiled a list of advice for when you need to meet a Kelowna mortgage broker. Our team aspires to provide you with tons of tips and tricks to save you time and money in your property investments. There are several factors to mind when qualifying for a mortgage. At Neufeld Jones, we want to be certain that you take the correct steps in order to make your qualification process successful! It’s our goal to ensure you attain your realty goals this year, so read on as we go over some essential steps in qualifying for a mortgage.
Qualifying for a mortgage in preparation for purchase
Being approved for a mortgage when investing in Kelowna real estate is an important step in a person’s purchase. In light of this, it’s important to gather the necessary documentation before approaching a Kelowna mortgage broker. This will make the process more timely and contribute to your overall success!
1. Become familiar with your credit score.
Getting cozy with your credit and grasping how its value contributes to your likelihood of being approved for a mortgage is vital. Your credit score provides a Kelowna mortgage broker a snapshot of your financial position and reliability. Having good credit — of 660 or higher — is going to present more options for the rate of your mortgage. Doing a quarterly inventory of your credit is a great way to stay on top of your finances and determine how you can better your score. Being punctual about paying bills and loans will generally leave you with a high credit score.
2. Gather proper documentation before visiting a Kelowna mortgage broker.
Searching for the necessary documents can be time consuming and stressful – this is amplified when left to the hour before visiting the lenders office. Figure out the papers needed and make a list. If you’re unsure of what you need, speak with your REALTOR® for added clarity. Usually these documents comprise: identification, proof of employment, proof of salary, proof you are able to afford the down payment, information about debts, financial obligations, and/or monthly payments. Pinpointing this information can be tedious, so it’s important to arrange them before you visit a Kelowna mortgage broker.
3. Save for a larger down payment.
By saving for a bigger down payment, you will decrease the amount borrowed from your broker. In turn, this will work out to a lower interest rate on your mortgage. It should also be emphasized that qualifying for a mortgage depends on the value you’re paying as a portion of your down payment. In Canada, the lowest price for your down payment is formed on the cost of your home. Canadian’s who choose to put less than 20% down on their homes will need to purchase loan insurance. Overall, the more you amass for a down-payment, the better off you’ll be.
4. A stable source of income is key when meeting a mortgage broker.
During the process of being approved for a loan, you will have to provide evidence of stable income. This is compulsory in proving to brokers that you will be able to punctually repay your debts. The best way to showcase your financial stability and reliability is to possess a full-time occupation. Working full-time can significantly increase your chances of yielding a successful application. If you are not currently employed in this position it’s valuable to look for a job that provides you with more hours. This will open more doors to obtaining a mortgage with a low rate, which may save you thousands of dollars.
5. Figure out your price range.
Knowing what you can afford will help you to determine the right mortgage rate for you. During this step it is oh so important to be totally honest with yourself. Take into account outstanding payments, monthly costs, and how your income will stretch to cover the additional expenses.
Don’t spread your budget too thin. Since you have the best grasp on your monthly expenses, it’s important that you consider how they will affect what kind of mortgage you can afford. Having good foresight can also save you from forking out more money than you need to. Assess your future plans, and pay attention to how they could change your financial situation.
Neufeld Jones is ready to help you find a great Kelowna mortgage broker!
Qualifying for a mortgage can be a tricky and tedious process. Getting approved is a matter of having an organised and punctual financial history and a great budget. If you’re looking for a more accurate estimate of your projected mortgage cost, try using our mortgage calculator for added clarity. Contact us at Neufeld Jones today to find a great Kelowna mortgage broker! Check out our social media for updates, we look forward to hearing from you:)