There is a lot to learn once you’ve taken the plunge and decided to buy a home and, as you might expect, many of the decisions that you’ll make about the one you finally pick centre around the money you’ve got to spend.
That is why getting pre-approved is so critical. Once you’ve got an idea of how much the bank will give you, there’s a solid framework to start the search for a place you can call your own. Remember that when you’ve been pre-approved for a mortgage, you’ll be able to move more quickly once you find the right place.
It stands to reason that the bank or lending institution you’re dealing with will want to know a little about you before they give you any money to buy. That’s why you need to be willing to supply your financial information, including annual salary and other debts. You should also be willing to part with information on your employment or your earnings for the last two years if you’re self employed.
It’s also a good notion to be aware of your credit score. If you’ve struggled financially in the past and want to right your score so you’ve got a better chance to get pre-approved if you start small and make regular bill payments on time. You can also try getting a credit card and building up your credit again by making more on time payments.
Finally, remember that the amount you get approved for isn’t the amount you need to spend. There will be other costs with your new home like utilities and property taxes to take into account as well.
Drawing from a choice of over 40 lenders from major banks to private sources,Derek Lacey, AMP is the Mortgage Alliance agent dedicated finding you the right terms and the right Mortgage for your needs. Email him at email@example.com or call 519-624-9550. You can also visit his website at www.mortgagealliance.com/dereklacey