Five Tips To Ensure A Smooth Mortgage Application Process
Obtaining a mortgage comes with huge responsibilities, crucial financial decision making, and planning. However, if you understand the mortgage processes, it can help in streamlining your application without any hassle. Although, most of the time that’s not the case as navigating through mortgage rules and regulations can be challenging and overwhelming to a layperson. Therefore, it is best to enlist the services of a mortgage expert who will carefully plan what you require to do for your mortgage application and ensure you follow basic mortgage procedures to simplify the process.
At Christina Montesano Mortgage Broker, I understand that finding the right mortgage that will suit your home’s needs and requirements can be challenging. To help you choose the perfect mortgage product, I have listed five tips to ensure a smooth mortgage application process.
Tip #1: Get your documents ready
Gather all required documents promptly and take the time to read the listed documents needed to process the application. Going back and forth can create delays for everybody implicated in the transaction.
Tip #2: Save on down payment
Save money for a down payment as well as closing costs. A minimum of 5% of the purchase price is required for the down payment, and around 1.5% is required for the closing costs, including the inspection, the notary fee, and the welcome taxes.
Tip #3: Keep your finances steady
Ensure that your financial situation stays the same throughout your home buying process as well as the months leading up to the transaction. This includes your credit history, your savings, and your employment. Any inconsistency can impact your mortgage application process.
Tip #4: Avoid unnecessary credit line
Try to avoid any new debt or major purchases until you have notarized. Lenders have strict guidelines when approving someone for a mortgage, and you need to make sure that you fit within those guidelines.
Tip #5: Consult an expert
At Christina Montesano Mortgage Broker, you can reach out to me to know what you can afford. A mortgage pre-approval is based on your income and credit report but does not consider other expenses such as groceries, fuel, insurance, daycare, etc.
For more tips on managing your mortgage application process, reach out to Christina Montesano Mortgage Broker. As a leading and experienced mortgage broker, I have over fourteen years in banking and dealing with mortgages. I have access to more than thirty-five banks and leader alternatives and will help you find the perfect mortgage product to fulfill your dream of homeownership. My mortgage services are available to clients across LaSalle, Montreal, Dorval, Boucherville, Repentigny, Brossard, Terrebonne, Laval, Saint-Jean-sur-Richelieu, Napierville, Mont-Saint-Hilaire, and Longueuil, QC.