Five Tips To Ensure Your Mortgage Application Is Approved The First Time
Planning to purchase a home affects many facets of your life, most importantly your finances. And a house being a significant investment, finding the right mortgage can meet the necessary cost of your purchase. However, getting a mortgage isn’t that easy to come by as there are criteria to meet to get mortgage approval. Moreover, misunderstandings and errors can result in a mortgage application rejection.
At Kraft Mortgages, we have seasoned mortgage professionals who can help improve your odds and make sure your mortgage application process runs smoothly. To help you get started, here are five tips to ensure your mortgage application is approved the first time.
Tip #1: Hire a mortgage broker
It would be best if you considered hiring a mortgage broker. As mortgage brokerages, we can help you find the right mortgage deal and submit the best possible application.
Tip #2: Check your credit score
Before applying for a mortgage, ensure that you have a good credit history. This way, you can get a reasonable interest rate with an ‘A’ lender.
Tip #3: Arrange for a down payment
When you start looking for a home, work out how much you can actually afford to put down right away. The higher the deposit you put down for your mortgage, the smaller your loan will be.
Tip #4: Keep the required documents ready
While applying for your mortgage, you should have all your documents ready, like IDs, bank statements, pay stubs, etc. This will make the application process easier and move faster.
Tip #5: Determine your closing costs
Before applying for a mortgage, do a bit of research on the closing costs that will come with the house you’re buying. Closing costs can include title search, lawyer fees, land transfer tax, and registration fees.
For more tips when applying for a mortgage, reach out to Kraft Mortgages. We are a leading professional mortgage brokerage in Surrey, BC, with a combined experience of over twenty-three years. We help you find the best financial options for now and in the future. Our full range of mortgage services includes home purchase mortgages, mortgage refinances mortgage renewals, private mortgage lending, second mortgages, construction financing, and commercial mortgages. We serve clients across Surrey, Abbotsford, Delta, Langley, Burnaby, Vancouver, Richmond, Coquitlam, Maple Ridge, North Vancouver, White Rock, New Westminster, and West Vancouver, BC.