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6 Steps to Take to Prepare Yourself for an Affordable Mortga
Date Added: September 23, 2009 03:40:14 PM
Author: Cameron Martel
Category: Business: Real Estate & Property

If you ready to take advantage of the near-historic-low interest rates and dive into homeownership, then congratulations are in order! From lower home prices to plenty of inventory on the market, now may be your time to purchase your first home.   Tightening Mortgage Requirements   However, it needs to be noted that getting approved for a mortgage is not as easy as it was several years ago. The housing market crisis and the credit fiasco have greatly changed how banks and lenders conduct business, as well as with whom they do business. In other words, you must have your act together if you expect to secure a mortgage in today’s economic climate.   How to Prepare for Your Mortgage Application   The first rule of thumb when beginning your preparations for a mortgage is to think ahead. Don’t even think for a minute that gathering all of the necessary documents will take just a few hours or days. Plan ahead and start assembling all of the necessary documents at least a couple months in advance. This is definitely one of those circumstances where it pays to think ahead! And here’s why:   1.         Order a copy of your credit report from all three national credit reporting bureaus. There is absolutely no better way to sabotage your chances of receiving a mortgage than to not check your credit report. All three credit reporting agencies must provide you with a free copy of your credit report on an annual basis, so take the time to order them and review them carefully for any errors or discrepancies. It may take a few weeks, or even longer, to resolve a dispute on your credit report, so the earlier you begin preparing for your mortgage, the better.   2.         Gather together all of the documentation needed to support rent payments, mortgage payments and bill payments. The lender will likely need to see at least 6 to 12 months of cancelled checks or bank statements for your mortgage application.   3.         Collect all other documents needed by the lender. This may vary from lender to lender. It is important to understand that most lenders or brokers will want to see original documents, not copies, so be prepared to bring at least months worth of bank statements, W2s from the last, two years, tax returns from the last, two years and at least a month’s worth of pay stubs. Other items which may be requested include cancelled checks and divorce papers.   4.         Calculate your debt-to-income ratio and pay off some of your debt, if possible, beforehand. Lenders now use an applicant’s debt-to-income ratio more than ever, as this is often the clearest indication of whether you are financially prepared to take on another debt, especially one as large as a mortgage.   5.         Be prepared to show the lender the source of your down payment money. In other words, get the money you will need for your down payment into some kind of investment or savings account and keep it there for at least three months so that you will have the documentation necessary to back up the money source.   6.         Don’t forget to also begin compiling statements from all of your accounts, including both checking and savings accounts, retirement accounts, CDs, annuities and the cash value of your life insurance policies. When you are applying for a mortgage, it pays to be prepared.  By taking the time to gather your financial documents and candidacy evidence, you will save tremendously in interest payments in the long term.   Learn more about how you can reduce the cost of your Calgary mortgages by visiting PurcellMortgageTeam.com, a leading Calgary mortgage broker that is dedicated to providing its clients with the most competitive home loans.
 
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