Meet with your broker
- Where are you at in the process?
Address your needs
- What type of mortgage are you looking for?
- How long do you plan on owning this property?
- Will your needs changes in the next five years?
- New baby? Change jobs? Retirement?
- What is your risk tolerance?
Discuss your income and liabilities
- What type of work do you do?
- How long have you been there?
- Where were you before this job?
- What is your annual income?
- Do you have your NOAs for the past two years?
Let’s talk about debt. Do you have a mortgage, Credit Cards, Lines of Credit, car loan, personal loans, Revenue Canada debt, money owed to parents or third party etc…
Review your credit
- Have you ever been late on your mortgage payment?
- Tell us about the situation you were in when you missed your Visa payment?
- We want to sell you to the lender, we want to tell them why they should lend to you; we want to impress them even if you had a hiccup.
Consider your down payment and it’s sources
- Do you have your down payment?
- How did you acquire it?
- Will you be getting gifted funds? From whom?
- Do you have a co-signer?
Get the job done
- We will work your file and send it off to the lender – to get you approved quickly.
Start early – get pre-qualified
Difference between a pre – approval and a pre-qualification.
We want to get your file approved and closed quickly. When we meet you for the first time, we don’t estimate your buying power, we determine it! We require documentation up front, so that we have no surprises. A pre – approval does not require up front documentation where as a pre-qualification does. We only do pre-qualifications