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When you begin your journey to buying a home, one of the first and most important steps is getting you pre-approved by a mortgage lender. This is a quick but necessary step needed to submit an offer and also helps narrow down and determine how much you can afford!
To expedite your mortgage approval please “Build Your Mortgage File”. A mortgage file contains all the important financial documents you will need to secure financing for your property. The typical mortgage file should contain:
- Tax returns for last two years
- Recent pay stubs
- Identification
- Last 2 months of bank statements
- Work permit (if applicable) must be valid or the letter that it is in the renewal process.
Check Your Credit Rating.
Your credit score will have a huge impact on what type of property you can buy, and at what price. It is first recommended to check your credit rating with an experienced lending institution so that we can determine what you can afford. The lender will research your credit ratings from the three credit reporting agencies Equifax, Experian and Trans Union. We will be happy to recommend experienced, knowledgeable lenders in the residential, construction, and commercial and investment real estate fields.
Be Careful With Your Finances.
Now is not a good time to make sudden career changes or large purchases. You want to approach your property purchase from a position of financial stability.