Planning for your house purchase is one of the best things you can do for yourself as a home buyer! Being prepared for your biggest investment will make you feel more educated about homebuying and help you get your 'ducks in a row', so-to-speak.
Top 6 Preapproval Tips
Go beyond a rate hold or simple income verification. Your mortgage professional should be collecting all pertinent documents to review in advance to help mitigate challenges and provide you as much assurance as possible going into making an offer. Find out how a thorough preapproval can make a difference.
Selecting the right professional for the job can make or break your experience. Your mortgage professional should be familiar with your type of application, be available and reachable, and discuss more than just interest rate with you. (P.S. There's SO MUCH MORE to a mortgage than interest rate.) Read reviews!
Pick a good Realtor and Lawyer who will guide you through the process, point out what you should be looking for and work as part of your home buying team. Don't be shy, ask them questions to get a feel for how you'll work with them and what type of service they will provide. Again, read reviews!
In today's world, digital work environments are critical to a smooth process - not to mention saving you a ton of time. Working with a mortgage professional who embraces technology and offers a digital experience will be a benefit.
Prepare yourself financially for closing costs (in addition to your down payment). On average, closing costs will run 2.5% of the purchase price and includes legal fees, disbursements, deed transfer tax, etc.
Ready your down payment to pay to the lawyer upon closing. Some investments or accounts need time to transfer funds to your chequing account.
No question is too big or small - get in touch and I'd be happy to help!
Sarah Nixon-Miller, Mortgage Broker 902-225-7077sarahnm@mortgagegroup.com