Being prepared is everything. Examine your finances and review how much you have as a down payment. This can be a frustrating task if you are not prepared. But don’t worry we have a simple 3 step approach system. There are literally thousands of mortgage brokers, bankers, lenders, credit unions, stock brokers and financial firms. They all offer thousands of different packages to the Canadian credit markets.
Would you like free advice and education on how to get started? You have a resource of websites, newspaper articles, mortgage books, financial planners, workshops, real estate agents, lenders and mortgage brokers. Many of these people are eager to help educate the public about the current lending packages available to Canadian business.
If you are a pre-mature buyer you hurt your chances of purchasing a home in the future. This happens when you default on your mortgage during the 15 or 30 year period.
Step 1: Examine Your Finances
Lenders are sometimes too good. They qualify individuals for far too much making your monthly mortgage payments unmanageable. A financial planner or mortgage broker can analyze your finances and lend a hand with this process. They will show you how much you are required to pay in taxes, strata payments and mortgage payments.
Step 2: Shop for a Loan
You’ll have two sources available, Lenders and Mortgage Brokers. Lenders have the money to lend but often times have a limited amount of in house loans available. They also do not educate you on the fine print as much as a mortgage broker does. A mortgage broker is a mediator who has many lenders to choose from. If you are in need of special financing needs, a mortgage broker can assist in locating the package right for you.
Step 3: Apply for a Loan
Don’t worry! The application is the easiest part. But the documents required sometimes takes effort. You must put forth the effort to provide your real estate agent and mortgage broker with the necessary documentation for your pre-approval.
When everything is together a lender will run a simple credit check to determine what your credit status is. When a lender approves your documentation they will require that you hire a real estate appraiser to evaluate the home. A 3rd party opinion helps to secure both the banks and your investment for future value.
Shane And Sheleana work together to educate home buyers and sellers in Coquitlam. BC is a beautiful place! Find a Realtor who knows how to showcase it.
Your 3 Easy Steps To A BC Mortgage.
