Buying or selling a home is a team effort. One of the members of Barbara's team is CENTUM Mortgage Broker Betty Talbot. She and Barbara work together to get deals closed and provide satisfaction to Barbara's clinets.
Barbara and Betty can smooth the buying process for you through a Pre-Qualification process. This involves Betty taking your application and finding a lender who will respond to it with an Offer to Lend. You will then know the amount of mortgage for which you qualify, based on the information you have provided, and have a ceiling established so you can fine-tune your house-hunting efforts accordingly.
What kind of information does a Mortgage Application require? You will need to provide personal information; your current address and employer; your annual income, assets and liabilities; and consent to allow the mortgage broker to verify your information. One advantage of using a mortgage broker is that only one query is required with a credit bureau rather than multiple queries, as would happen if you went yourself from financial institution to financial institution (each query made impacts your credit rating).
What are the other benefits of using a mortgage broker? A mortgage broker will develop your application more thoroughly than would be the case at a financial institution. The broker will seek income and other necessary verifications immediately - which could save you grief further down the road. A mortgage broker will also spend more time with you, and help you develop a plan to purchase a desired property. And, you can rest assured that you have a true pre-approval.
Often realtors are told by clients who have completed an online application that they have been pre-approved. Deals have fallen through when a seller's agent has insisted on a short (5-day) financing condition, and the would-be buyer had found out only then that they have not been truly pre-approved.
If you are serious about buying, give Barbara a call now at 905-356-9100 and get started!