Buying a home of your own

So you’ve decided you want to stop paying rent and buy your first home. You’re not alone. With interest rates at their lowest in decades, many people have discovered that mortgage payments can be significantly lower or at least comparable to the rent they are currently paying.

Making the decision to become a homeowner is the easy part since buying a home is a great investment in your future. For many people, it’s no problem to keep up the monthly mortgage payments and other costs associated with home ownership. But what usually holds first time buyers back is the initial down payment required to obtain a mortgage.

Getting Preapproved for a Mortgage

The mortgage industry is a highly competitive field and it is important to understand that interest rates can change any time.  Partnering with a mortgage broker or financial institution to help you find the right mortgage product at the best rate is key to your home buying process.
 
Here are 4 easy steps to get you pre-approved for a mortgage.
1.  Talk with a Mortgage Specialist –  There are hundreds of options to choose from when it comes to lenders.  Independent mortgage brokers tend to offer the most options because they don’t just work with one bank.  However, if you have a good relationship with your bank or financial institution, contact them first.  But be sure to compare rates.
2.  Complete and submit your application with the mortgage broker.  They will collect your financial and personal information in order to find out how much mortgage you can carry.
3.  Gather all the necessary documents.  The mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.
4.  Verification of your details.  They will do their checks and balances to make sure that you are not getting in over your head.
Having that Pre-Approval can offer you several benefits:
-  Save you time by only looking at properties that you can afford
-  Less stress throughout the process.  You will know that you are ready and capable of buying a home