 RISING WOMEN EXPERTS...
As a first time buyer in today’s market should I buy a house today or
wait? What other information is pertinent so that I can get a mortgage?
By Triston Rans of The Mortgage Group
As a first time buyer in today’s market should I buy a house today or
wait? What other information is pertinent so that I can get a mortgage?
As they say, there is no time like the present! Today’s interest rates are
historically low, which significantly increases your purchasing power. Plus
with the surplus of inventory that is currently on the market there is a lot
to choose from without the pressure of having to buy “anything” just to get
in.
The first thing you would want to do is get pre-qualified with a mortgage
broker to see what your exact purchasing power is. Also, it’s time to start
seriously thinking about your personal budget for your monthly house
expenses. Be sure to keep in mind, when planning your budget, the TOTAL
amount you are comfortable spending per month for ALL of your housing costs.
This includes such factors as the mortgage payment, property tax payment,
home insurance, any applicable condo fees, as well as all utility costs.
Fortunately your mortgage broker factors most of these costs in during the
pre-qualification process, so we can work backwards from your “total” and
see how much is left over for the mortgage portion, and therefore what your
ideal loan amount would be.
Some information your mortgage broker will ask for in order to do a proper
pre-qualification will be:
- Your current employment particulars (type of work, length of tenure, rate
of pay, etc.) as well as a minimum 3 year employment/schooling history.
- Personal information such as social insurance, date of birth, contact
information and 3 year history of residences.
- Basic net worth information including an account of any assets and
liabilities.
- A credit bureau investigation will be done by your mortgage broker at the
time of pre-qualification.
Once you elect to proceed with a formal pre-approval and/or actual purchase
you will be required to provide documentation to support your application
(verification of employment, down payment monies, etc). The type of required
documents are specific to each individual application, so you would discuss
these details with your mortgage broker during your personal
pre-qualification. As well, at this time your mortgage broker will be able
to provide a step-by-step guide as to how the purchase process will flow,
from house selection until your possession day.
For more personal advice on your mortgage needs, please contact Triston
Rans, at The Mortgage Group, at 571.8142, email
tristonrans@mortgagegroup.ca
or visit
www.tristonrans.ca
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