In this article we will talk about how to get a mortgage. Many first time home buyers, and real estate investors often struggle with exactly how to get a mortgage in BC. The biggest problem they often make is going directly to their bank to try and get a mortgage. This is often not a good choice.
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.
On this spot, Mortgage Brokers can help you How to get a mortgage in BC according to you credit score and borrowing limit. They help you find the best deal with lowest interest rates from best loan lenders. However, they can be a bit expensive because you have to give them a commission. Still involving the mortgage brokers is considered as the best option because they do all the communication and paper work on your behalf with loan lenders to avoid you from headache tic process .
Waiting for the Outcome of Your Application. Usually you'll know the outcome of your application quite quickly but every application is subject to individual assessment. Once your application passes initial assessment, the property for which you're borrowing the money will be valued on behalf of the lender which all in should take around 2 weeks. If the lender is pleased with this then you and your solicitor will both be issued with a copy of the mortgage offer. From this point all the legal processes, transfer of the property to your name and drawing down of your funds should take anywhere between 4 to 8 weeks.
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.
On this spot, Mortgage Brokers can help you How to get a mortgage in BC according to you credit score and borrowing limit. They help you find the best deal with lowest interest rates from best loan lenders. However, they can be a bit expensive because you have to give them a commission. Still involving the mortgage brokers is considered as the best option because they do all the communication and paper work on your behalf with loan lenders to avoid you from headache tic process .
Waiting for the Outcome of Your Application. Usually you'll know the outcome of your application quite quickly but every application is subject to individual assessment. Once your application passes initial assessment, the property for which you're borrowing the money will be valued on behalf of the lender which all in should take around 2 weeks. If the lender is pleased with this then you and your solicitor will both be issued with a copy of the mortgage offer. From this point all the legal processes, transfer of the property to your name and drawing down of your funds should take anywhere between 4 to 8 weeks.
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