A Beginner’s Guide To Obtaining A Mortgage

Housing is quite an expensive affair, and it’s often one of the biggest financial ventures you will take on. So before you buy your first home, you should be mindful of few things, especially when it comes to costs and how much you can afford. After all, getting the right property and mortgage deal can make the whole home-buying process easier.

However, when it comes to applying for a mortgage, it can be a confusing and sometimes frustrating experience, especially when you need to go through several criteria to borrow financing from a lender.

So to help you with this, Straight Forward Mortgages - Stephen Guertin has put together a Beginner’s Guide to obtaining a mortgage. I not only want to help you find the right mortgage but want you to know what’s entailed when qualifying for a mortgage. Keep reading to learn more!

Getting started

Understand mortgages: Mortgage will be one of the largest sums that you will need to repay on a monthly basis. So you first need to understand the mortgage you are going to take on. Know that obtaining it is not only about getting the best rate offered by the banks, so make sure you have a professional explaining the details of a mortgage. A seasoned mortgage broker like myself can help you understand what you’re going to sign up for and explain the positives and negatives of the different mortgages available to you.

Next Steps

Prepare your documents: Normally, it’s essential to know if you can qualify for a mortgage before filling an application. For this, you will need to furnish a three-year living address, three-year employment history, and other proofs that identify you and your earnings. You can talk to your mortgage broker for a list of all the required documents, so they are gathered and ready before you meet the lender.

Advice From The Pros

Be upfront with documentation: Providing the right financial information is key to qualifying! But without proof of income upfront, this can slow the pre-approval process down. When working with a client, the more information I have on them, the smoother the process of qualifying. In case the client is an hourly employed individual, they need to disclose the following income documents to qualify:

a. Job letter

b. Recent pay stubs

c. Two-year Notice of Assessments

As hourly jobs have no guaranteed hours, a two-year annual history of employment income becomes vital for qualifying, especially if the client has overtime income that could apply to their annual income.

Talk about long-term and short-term goals: The process of applying for a mortgage is also based on your long-term and short-term goals. I find the right product to suit your needs as each lender offers special treatment in all situations. That way, you can obtain the perfect financial product to support your goals. Once your goals are achieved, or if they change, I can help you acquire a different mortgage to accommodate your new requirements.

For a professional mortgage consultation in Oakville, Ontario, reach out to Straight Forward Mortgages - Stephen Guertin. My goal is to exceed your expectations and put your needs before my own. I have experience for more than thirteen years and have access to over forty competing lenders. I can not only offer you competitive rates and flexible options but find the best mortgage product to suit your unique needs. My services are available across Oakville, Toronto, Burlington, Mississauga, Milton, Hamilton, Clarkson, Peel Region, Halton Region, Ontario, and the surrounding areas.

Visit our website to learn more or contact Straight Forward Mortgages - Stephen Guertin today.