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Mortgage Application Tips

Determine how much home you can afford

Get pre-qualified or pre-approved with a lender to see how much home you can afford.

Check your credit and pause any new activity

When applying for a mortgage, your credit will be one of the key factors in whether you’re approved, and it will help determine your interest rate and possibly the loan terms.So pay all loans and credit cards on a consistent and timely manner. DO NOT change jobs as most lenders require you to be at your current place of employment for at least 1 year and in some cases 2 years.

Compare mortgage rates

Many home buyers get a rate quote from only one lender, but this often leaves money on the table. Comparing mortgage rates from at least three lenders can save you money over the first five years of your loan. Get at least three quotes and compare both rates and fees. Request a breakdown of bank fees associated with your mortgage you’ll need this info to establish the amount of your closing costs.

Get a pre-approval letter

You can get pre-qualified for a mortgage, which gives you an estimate of how much a lender may be willing to lend based on your income and debts. But as you get closer to buying a home, it’s smart to get a pre-approval, where the lender thoroughly examines your finances and confirms in writing how much it’s willing to lend you, and under what terms. Having a pre-approval makes you look much more serious to a seller and can give you an upper hand over buyers who haven’t taken this step.

Government Exemptions For First-Time Home Buyers

Stamp Duty exemption for “First Time Homeowners” has been extended to June 30th, 2023.

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