Knowing what kind of a loan you qualify for will be a big advantage when you are shopping for new home, especially in a competitive market. Work with your financial institution or another mortgage lender you are comfortable with. Many of our clients find it helpful to consult a mortgage broker, who can streamline the process and shop around for the best mortgage for your needs.
Your lender or broker will figure out how much you can qualify to borrow and what type of loan might be right for you. Applying for a mortgage requires a written application and supporting documentation. Your financial status, including employment, assets and debts will be considered. Lenders want to be sure you can afford your mortgage. With pre-approval for a mortgage, you will be in a better position to bid on the house you want.
