SERVING Newfoundland - MOBILE
Keith Stapleton B. Commerce
C 709-743-9570   P 709-754-7607
Email keith.stapleton@mtgarc.ca

Simplifying a mortgage approval

Nov 24, 2017

Arranging a mortgage is usually not a common occurrence. Whether it is for real estate (or other purposes like an investment) home buyers may focus on the use ( real estate, or other need) of the funds, rather than the pre-approval process itself.

Access to financing has never been tougher in recent decades. Capital markets and government regulations have become more complex, which only compounds any stress home buyers and home owners may already be feeling.

Reaching out (early!) for expert financial advice is often the best first step. Ensuring current records for income are available (including preparation of tax returns) will likely be on top of the agenda for your mortgage adviser. Also, mapping out the whole process, including various key phases and the other parties involved should also be a part of the financing process from the beginning, to have a focus on the overall 'big picture'.

Adding extra stress to the need for a mortgage can come from unexpected sources, creating a surprise that no one wants. A few examples can look like; -trying to locate unanticpated documentation, -a disadvantageous negotiating position (since other parties may prefer to deal with clients who have already demonstrated access to financing), -credit reporting surprises (for example; good accounts not reported, bad accounts that are not yours, even your cell phone bill! - all of these being very common), -understanding financing terms, conditions, and interest rate options, amongst several lenders.

When financing is needed, an orderly process is what everyone wants. How often the experience is less than this, can be improved with expert financial advice!





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