Tips for Getting Your Loan Approved

Tips for Getting Your Loan Approved

As an Edmonton mortgage broker, I understand that the process of getting approved for a loan can be intimidating. You may feel overwhelmed about what is required to apply or feel nervous waiting to know whether or not you are approved for the loan you want.

Throughout my years of experience in the mortgage industry, I have learned that most people don’t know what they need to do to be more likely to get approved for their loan. This undoubtedly adds additional stress to the application process and that is not something I want my clients to feel. I want my clients to feel educated and confident throughout the entire the mortgage process.

Whether you are seeking a mortgage loan to purchase your first home or interested in refinancing your existing mortgage to save some extra money, it is important that you monitor your credit score. The more familiar you are with your credit score, the better equipped you will be to handle any outstanding financial issues or to negotiate a better mortgage rate for yourself. This is especially true with the new mortgage regulations that have been put into effect.

Having a good credit score is one of the most important factors when it comes to getting approved for a loan, so be sure to do as much as you can to improve on your current score before applying for your mortgage.

You can improve your credit score by doing things like paying more than your monthly premium on any credit card balance or even paying off any outstanding debts.

Having cash is another excellent way to improve your odds of getting your mortgage application approved. You will need cash for you down payment, which is now required with most home purchases. The good news is, the more money you can put down up front, the smaller your loan will be. That means you will be more likely to get approved and have the option of smaller monthly payments.

Other than your down payment, there are other costs associated with purchasing a home that you will also need to anticipate and save for.

I advise that you take a deep look at your finances before you even consider applying for a mortgage. While a broker, like myself, can help you calculate what you should be able to afford, we don’t know exactly how much you need for your day to day expenses. You don’t want to go in planning to be stretching every penny for the next however many years because that means you will not be able to comfortably afford your mortgage with everything else you have on your plate.

It is important to be realistic with your finances and keep that amount in mind when you are making the final decisions about what home you decide to purchase and the amount of the loan you apply for.

If you are looking for the Best Mortgage Broker Edmonton to help you better understand the mortgage process and how to get approved for the loan you want, I am here to help!

I have been helping clients in the Edmonton area find the perfect mortgage for their financial situation for years, and I can’t wait to do the same for you! Call (780) 721-4879 today for more information or with any questions you may have!