your step by step guide

Getting Pre-approved from start to finish

Pre-approval doesn’t have to be daunting! I work with some of the best mortgage brokers in British Columbia and can help guide you to your most ideal Broker for your individual situation. Pre-approval is the start of your home buying process and the beginning of your new adventure!

Your first step to pre-approval would be speaking with your chosen agent (hopefully that’s me!). I will then hear about your individual needs and assess which Lender would be most suitable for your situation. Depending on what your current employment is, what you’re looking to buy, and if you have any co-signers will help me decipher what type of Mortgage Broker will best suit your needs. If you already have a Lender you like to use that’s great too!

Now that you have connected with your chosen Mortgage Broker it’s time for step number two! Time to prepare your financial information. Gathering your pay stubs, tax returns, bank statements and other documents will be the start of your dealings with your Lender. This will help to provide a comprehensive view of your finances.

Step number three will be your credit check report. This will be when your Mortgage Broker will review your credit report for accuracy and address any potential discrepancies. Having a good credit score will enhance your chances at a higher approval.

The home stretch!

Time to complete your pre-approval application. This will provide information about your income, assets, depts and employment. Lenders use what is called “Dept to Income Ratio” to decide what amount of your income will be able to be used towards your mortgage.

Receiving your pre-approval letter! if you meet the required criteria you will then receive a pre-approval letter indicating the amount in which the Lender will qualify you. This helps tremendously in the buying process as you will have an accurate budget to now search for houses in, and you’re all done!

Helpful tips

  • Make sure your taxes are up to date and filed.
  • Ensure that you are trying to pay off any large depts you may have before applying for a mortgage.
  • Don’t take on any new loans (car loans, cell phones, or any other large purchases that may affect your approval).
  • Co-signing can affect what a Lender will allow you to personally be able to use for your own mortgage so be cautious when doing so!

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