9 Keys to Getting Your Mortgage Approved
For some buyers, getting financed can be tough slogging. It’s even more difficult if you’re self-employed. Working with an expert to navigate the application and fulfilment process is a must. An expert can help you with things that you didn’t even know would come into play.
Following are nine ways buyers can maximize their chances of getting a mortgage:
- Disclose all the properties you own. You have to tell your mortgage professional about all the properties you own and the mortgages on them.
- Keep your taxes up to date. Lenders may decline your application if you owe taxes to Revenue Canada.
- Communicate your reason for purchasing. Showing that you know what you’re doing will make it easier to get the financing required.
- Make sure your property meets minimum requirements. Each lender has different guidelines.
- Show where the down payment funds are coming from. This is critical. Lenders want to know that the deposit is liquid and accessible.
- At the time of application, keep your current financial situation stable. For the best rates, all income needs to be verifiable.
- Be conservative with the value of a property.
- Don’t look for the lender with the cheapest interest rate and then try to fit the lender’s policy. A mortgage professional can help you plan your financing and structure your loan with the features you need.
- Use a mortgage professional. The paperwork that lenders require can be significant, and it’s important to get it right.