Five Tips To Ensure Your Mortgage Application Is Approved The First Time

Homeownership is an exciting dream for many, but if you plan to be a serious homebuyer, you need to have the finances ready. That means you need to begin with the mortgage process as soon as possible. Most sellers will expect you to have a pre-approved mortgage when you make a bid on their house. So it’s best to get a head start and be prepared for a pre-approval.

However, applying for a mortgage is nerve-wracking, especially if you’re doing it for the first time. Moreover, failing to secure a mortgage from a lender can seriously throw you off track. Fortunately, leading mortgage agent, Antonios “Tony” Georgiou is aware of the stressful process of filing a mortgage application and wants to help in improving your chances of getting a mortgage with favorable terms not only pre-approved but fully approved. To help you with this, I have outlined five tips to ensure your mortgage application is approved the first time.

Tip #1: Provide as much information as possible
When initiating a mortgage application, you will need to provide a significant amount of information. So it’s best that you gather all of your personal and financial details for your mortgage broker before you meet with them.

Tip #2: Provide documentation upfront
You will need to collect all the required updated documents with two years of history. This includes tax returns from the past year, pay stubs, and a few months’ worth of bank statements. Other important documents you’ll need to produce are credit card and loan statements, retirement funds, and other investment documents.

Tip #3: Identify and share your goals with your mortgage advisor
Securing a mortgage means you’re in it for the long haul. So when shopping for one, if your goal is to find a mortgage with an affordable interest rate and low fees, you will need to share this with your mortgage broker.

Tip #4: Discuss your preferences
Your potential mortgage broker doesn’t lend you the money directly but will help you find a mortgage for your needs. In addition, they will do the necessary research on various lenders to make the process simpler. So if you have a preference for a particular lender or a mortgage product, make sure to discuss it with your mortgage broker.

Tip #5: Share past experiences with your mortgage broker
If you had past experiences with your mortgage application being rejected, it’s imperative to inform your mortgage broker. It can seem cruel when the lender rejects your loan application, but your mortgage broker can find new ways to ensure your application doesn’t get denied.

For more tips on ensuring your mortgage is approved the first time, reach out to mortgage agent Antonios “Tony” Georgiou. As a leading mortgage broker in Orleans, Ottawa, I specialize in all types of mortgage financing and offer you unbiased advice with suitable mortgage solutions for your unique situation. I have over thirty years of lending experience and have access to several lenders, which allows me to negotiate on your behalf and provide you with a competitive solution that is tailored to benefit you. My services include first-time home buyers, purchases, new to Canada, refinances, renewals, self-employed, home equity lines of credit, second mortgages, private and alternate lending, and reverse mortgages.

To learn more about my mortgage service, please click here or get in touch with me by clicking here.