Want to apply a residential mortgage in Abbotsford? It might seem like everything is falling into place once you’ve located your ideal house and had your offer accepted, but there is still a long way to go until closing.
We will walk you through each stage of the mortgage process, from getting approved for a loan to filling out paperwork and all in between, so you can better prepare for what’s ahead.
- Acquire Pre-Approval
Your mortgage broker will probably advise you to be pre-approved before making any bids once you have determined your budget.
When it comes time to start making offers on properties, getting pre-approved for a mortgage is an important initial step that can greatly assist you.
Pre-approval is essentially a written statement from a lender indicating that you are most likely to be accepted for a specific size mortgage. Despite not being the same as being officially approved for a mortgage, being pre-approved might offer you and sellers the assurance that you won’t probably have to pull out of a deal because of financing difficulties.
You must submit your mortgage broker the following information in order to get pre-approval:
- Pay stubs; employment letter
- Tax data
- Inventory of possessions Social Security Number
- Accept being checked on credit
- Make an Offer
You’re prepared to make an offer now that you’ve located the ideal house. Your realtor will handle this process, which could proceed in one of three ways:
- Your offer is accepted
- Your offer is rejected
- You are asked to submit a counter-offer
Your realtor will get in touch with your mortgage broker as soon as an offer is accepted to provide all the information needed for your broker to move forward with submitting an application for a mortgage on your behalf.
- Application for a Mortgage Loan
Your mortgage broker will look around for the cheapest rates and lenders and file the mortgage loan application on your behalf after the buyer has accepted an official purchase offer.
- Processing Loans
Following the submission of a mortgage application, the loan processor will gather all provided documentation regarding the borrower and the property, examine the data in your file, and compile it all into a package that will be sent to the underwriter.
- Pull your credit report if it wasn’t already pulled during the pre-approval process
- Begin to verify your employment and banking information
- Order a property appraisal if required
- Mortgage Approval
Upon receiving official loan approval, you will need to contact your broker and sign all necessary documentation before sending it to your lender.
At Sandhu & Sran Mortgages, we follow a transparent process for approving a residential mortgage in Abbotsford. The borrower has the choice to select the mortgage rate, length, product, and lender that best suits their needs after reviewing the information we provide. Naturally, we’ll impart our knowledge and gently steer them in the proper way.