Mortgage Approval Tips and Information

Whether you are looking for a mortgage to purchase a home or you own a home and want to refinance it, you will want to be prepared and take advantage of local resources that are available to you.

Not every consumer is able to just walk into their bank and qualify or be approved. Banks require that you meet a lot of criteria in order to qualify for mortgage financing.
Also, visiting a bank directly is risky because if they pull your credit report and then decline your application, the next place you visit after will have to pull your credit report again. There are many places in Brampton that you can go to seek advice and information.

A mortgage broker is a valuable tool in your “mortgage finding” tool belt. They deal with most of the banks and are able to present you with a wide range of options. In many cases a mortgage broker will get you a mortgage and charge you little to nothing because in many cases the bank will pay their fees.

If you have had problems with credit or have a weak financial profile, you may have to pay a mortgage broker a fee because they may have to source out private mortgage financing to accommodate your financial needs.

Even if you plan to obtain a mortgage a month or two from now, establish a relationship with a mortgage broker, well in advance! They can give you mortgage tips and information so that when you are ready to apply for a mortgage, you are well prepared.

By John Benson

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