Over the course of the recession, many people have asked me how to get a mortgage. Many lenders have added extra clauses and conditions to their offerings and even withdrawn certain products. First-time buyers have been affected more than most and many have been forced out the market. However, signs are looking more positive and as the economy is stabilizing here’s a guide to maximize securing yourself the best mortgage deal you can.
Once the borrower has a pre-approval, then he or she is on the verge of getting a Mortgage. The most frequent question asked by many borrower is “can I get a mortgage”? Well its simple, everyone can get a mortgage according to his/her credit score. The higher the credit score the more you can borrow on a lower interest rate and vice versa. The lower credit score results in a higher down payment and higher interest rates.
Make Sure You Provide the Right Information. Whether you’re picking and choosing yourself or consulting a financial advisor you need to ensure your providing details that will ensure you maximize your chances of being approved. A lender will want to see as much evidence as possible that you can afford the mortgage, which usually means providing proof of your income through wage slips. They will also request bank statements as well as proof of ID and residency.
It’s the best way for people who are entrepreneurs, house-flippers, real estate investors, and self employed when they ask me “can I get a mortgage”. Banks often will not approve these types of people for mortgages but mortgage brokers have ways to get them approved and that’s how to get a mortgage. I’ve had great success with them in my real estate investing career. It’s far better than dealing with a bank. Again it costs you nothing as the mortgage broker gets paid by the lender.
You have to make a down payment and prove your assets while applying for Mortgage as a measure of security. You have to pay the amount of mortgage per month with interest rate until the mortgage contract is not completed. Once the contract of mortgage is completed then you become the full owner of the property. It takes about one to two weeks while getting a mortgage after submitting a proper pre approval and about one month while sealing the deal. If you have read all this you have learned everything to get a mortgage in BC. Happy biding on home mortgages.
Want to find out more about how to get a mortgage, then visit John Guy’s site on how to choose the best Kelowna mortgage for your needs.