Be prepared for your mortgage
Anticipating for your coming mortgage renewal, refinancing or home purchase will always pay off, it’s a smart decision and an excellent financial practice. Since you are not in control of all the factors that affect your future transaction, it is most convenience to stay ahead of the curve.
Unless you prefer the stress of higher interest rates, mortgage penalties and being declined in the worse scenarios, you surely want to plan ahead every step of your coming mortgage process.
Whether you know where to start or you have no clue, that is not the issue here, because with the right guidance, all you need to know is why you want or need a mortgage. We’ll take care of the how and perhaps even the when.
Timing is important, have your mortgage assessment practiced 6 months ahead to avoid rate increases, missed opportunities, or even false expecttations
If you are a first time home buyer, planning to renew your mortgage or to refinance existing debt and would like to know about your mortgage, prepare the following before you arrange your mortgage assessment meeting.
- Personal picture ID’s including your SIN
- Employment history
- Information about your income and most recent supporting documents
- If not all your income can be supported, detail what you can and the type of income you earn (Waitress tips, construction workers, etc)
- Details about your financial commitments or debts
- Details about your savings
- Your home rental or living history
- Current mortgage statement (for renewals and refinancing)
- Have your questions ready
There are always more chances you help you when you plan ahead of time
Practice your mortgage assessment, then just follow your strategy, say NO to procrastination and achieve your goal. Where there is a will, there is a way!
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