Some things come second nature to us. Like breathing or sleeping or watching reality TV. Unfortunately, mortgages are not one of those things. And because of their weighty nature, they often require lots of t’s to be crossed and i’s to be dotted to obtain.
That’s why we have compiled a list of our top 10 tips on how to successfully get a mortgage.
- Before you start your home search, get pre-approved for a mortgage so you know how much you qualify for.
- Keep all your documents in one convenient place.
- Don’t pull your credit or allow others to pull your credit multiple times.
- Don’t apply for any new credit cards or any financing during the loan process.
- Know how to source all large deposits in your bank account. Lenders want to be able to track your money to see where it came from.
- Save a minimum of 3 months mortgage payments plus closing costs before you close on a house. Closing costs will cost approximately 3% of your loan amount.
- Shop title insurance, homeowners insurance and all other necessary services for yourself instead of letting your broker choose for you. This allows you to save a considerable amount of money.
- Stay patient. It’s better to wait than to move too fast and potentially put yourself at financial risk.
- Ask questions. If you’re not completely sure what your broker or realtor is saying, then ask for clarification. It’s your money after all.
- Follow the lead of your mortgage broker until closing. They know what they’re doing.
While mortgages take time to navigate, they don’t have to be a source of major stress. For more tips on mortgages, feel free to reach out. We’re here to help.