A Handbook To My Mortgage Services
Applying for a mortgage can be both exciting and intimidating if you don’t know where to start. This is because borrowing money involves more than walking into a bank and signing essential documents. There is considerable work to be done behind the scenes before your mortgage is closed and money is in your bank.
Most borrowers look at their options by focusing on the interest rates. However, choosing the right mortgage product and lending institution involves more than considering interest rates, fees, and other costs. You have to assess your financial situation and see what mortgage terms are best for you.
When the banks say no, I figure out a way forward and say yes. I leverage your borrowing power with an extensive network of lenders to find the perfect mortgage loan for you. At Mortgages By Erin, I listen, evaluate, and then find solutions. To learn all about what I have to offer, I have put together a handbook for the financial products I provide. Keep reading to see how I work my magic in order to get you the best mortgage solutions out there.
1. I determine your qualifying potential
First off and straight out the gate, I ask you to complete a mortgage application and send it to me along with some supporting documentation (proof of income, proof of down payment, etc.). After all requested documentation has been received, together, we go over your options and discuss your budget so you can begin shopping.
2. I help you secure rate holds
With the current financial environment, securing rate holds has never been more critical. Most lenders will offer rate holds for up to one hundred and twenty days. At Mortgages By Erin, I submit your application for pre-approval and a rate hold. So, as long as you purchase and close before your rate hold period expires, the rate we have held will apply even if rates have continued to rise since then.
3. Running numbers
After your budget has been determined and you’ve begun your search, I encourage my clients to share listings of any properties of interest with me for review before making an offer. This way, I can run the numbers to outline estimated monthly carrying costs and closing costs required, specific to the property of interest. This allows you, my customer, to make educated decisions as you will know what costs to expect at the time of closing and the monthly expenses you will be burdened with after all is said and done.
4. I offer multiple lending options
After you’ve made a budget and a purchase decision, I can shop your application around to the multiple lenders available on my roster. I will provide you with a list of competitive interest rates available, including any active rate holds we have in place. Once you’ve decided on the rate and mortgage product you’re interested in, I will submit your application to the lender of choice for official approval.
Document Requirements for mortgage pre-approval
First, you will need to sign and complete the mortgage application. Documents you will need to provide will include proof of income such as pay stubs, T4s, Tax Returns, etc. You will also need to show proof of down payment and closing costs in the way of recent bank statements, investment statements, and credit checks. A purchase or sale agreement and existing mortgage statements (if you already own any property) will also be required. Additionally, recent property tax bills (for any properties already owned) and your lease agreements (if applicable) will also need to be handed over. Documentation requirements can vary depending on your situation, so I will provide you with a detailed list of required items specific to your case should you decide to utilize my services.
Costs for my services
My services don’t cost you a thing as the banks pay my fees directly. This way, you can be sure I have your best interest at heart, will search out the best mortgage product specific to you, and my services do not put further strain on your finances.
If you’d like to learn more about the mortgage services I provide my clients, reach out to me at Mortgages By Erin. With over ten years of experience and access to over thirty lending options, my team and I have helped hundreds of people realize their dream of home ownership. As an independent mortgage broker, I offer mortgage products from financial institutions, including major banks, trust companies, and credit unions such as TD Canada Trust, First National, Scotiabank, Meridian, Alterna, CMLS, and so on. With access to many lenders, I have greater leverage in negotiating extremely competitive mortgage products, terms, and rates.
My mortgage services are available to clients across Ontario, including North York, Scarborough, Etobicoke, Toronto, Mississauga, Markham, Vaughan, and Richmond Hill, ON.
To learn more about the services I offer, please click here or get in touch with me by clicking here.