Credit / Documents / Downpayment / Income / Lenders / Pre-Approvals / Purchase / Qualifying / Refinance

30 Tips to get your mortgage approved

Getting a mortgage is not like going to the grocery store and choosing the package with the lowest rate and best terms, it’s a bit more complicated than that. To help make your trip to the mortgage market go smoothly, I’m going to share 30 quick tips on how to get your mortgage approved.

  1. Have your documents ready to goif you’re not sure what you’ll need, find out first and get a head start on any paperwork you’re missing.
  2. Get a mortgage pre-approval ahead of timeif you are unsure as to whether you will qualify for a mortgage or what you have to do before even qualifying for a mortgage have a lender take a preliminary look at your application so there are no disappointments when you are ready to buy.
  3. Have a good credit scorethe higher the score the better.
  4. Don’t borrow your downpayment if you don’t have tothe more you have from your own resources, the more appealing you look to a lender.
  5. Have minimal debtthe less, the better.
  6. Buy within your meansyou need to qualify for what you buy, ensure it’s affordable.
  7. Have good job tenurethe longer you’ve been with the same employer, the better it looks.
  8. Provide a large downpaymentthe more the better because it means less risk for the lender.
  9. Sell your existing property firstif you don’t sell, you must qualify to carry both.
  10. Have good credit repayment historya good credit score doesn’t mean much if there’s not enough history of debt repayment.
  11. Have positive net worth- assets look good to a lender.
  12. Don’t rushsometimes you can’t rush a good thing.
  13. Shop around for the best rate before you buyprevent delays when it comes time to buy.
  14. Do your research firstbe prepared to avoid surprises.
  15. Don’t change jobs at the last minuteyour lender will need the new details and probation can cause issues.
  16. Avoid last-minute large purchasesmaterial changes to your application, including debts, can alter your approval status.
  17. Consult a professionaluse their experience to your advantage.
  18. Augment your savings accountMore money is always a good thing, right?
  19. Understand what a co-signer is- just in case it’s needed, you’ll be ready.
  20. Ask for exceptionsyou don’t get what you don’t ask for.
  21. Be prepared to negotiateif it’s very important to you, be prepared to discuss it.
  22. Don’t take no for an answer if you don’t succeed on the first try, try and try again.
  23. Have a back-up planif it doesn’t work out one way, prepare for a plan B.
  24. Fill out your paperwork accurately the first timesave time and energy by doing it right the first time. Ask questions if you’re unsure how.
  25. Be honest mortgage approvals can be withdrawn if a falsification is discovered.
  26. Know your income if you’re self-employedIt needs to be clearly presented to a lender, so make sure you’re on top of it.
  27. Be open to alternativesthere may be other options.
  28. Budget for closing costscosts can vary, be prepared.
  29. Pay attention to detailsometimes it’s the small things that can make a big difference, read the fine print.
  30. It’s okay to waitan approval may not be possible right now, that doesn’t mean it’s never going to happen.

While the above tips might make getting a mortgage approval a bit more likely, working with an experienced mortgage professional who can successfully structure your application for acceptance by a lender is the quickest route to home ownership. Once approved, make sure you’re comfortable with the commitment you’re about to make. Ensure the new mortgage supports your lifestyle by being affordable and aligns with your financial goals.

 

For all your mortgage needs, contact Jackie at 780-433-8412 or info@mortgagegirl.ca. Stay in the loop by following on Twitter @mortgagegirlca.

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7 thoughts on “30 Tips to get your mortgage approved

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