At Mortgages for Women BC we are here to help. We understand buying your first home can be an overwhelming experience. We’ll help walk you through the entire home buying process and make it a smooth, easy to understand process. Arranging mortgage financing through Mortgages for Women BC is one of the most important step when buying your first home.
The first step we highly recommend is contacting us for a pre-approved to determine what type of home you can afford. Knowing your price range helps everyone throughout the home buying process, and ensures a straight forward home purchase. As well, Mortgages for Women BC will help you secure a rate hold for anywhere from 90-120 days. When you lock in a rate and rates rise, you will keep the lower rate, and if rates fall you can still take advantage of the decrease.
Mortgages for Women BC will also inform you of all documents you need to provide during the pre-approval process. This speeds up your financing turnaround. Having secure financing and knowing what you can afford can give you an advantage during the buying process and when you’re up against other bidders.
Some of the things to be aware of when getting pre-approved are as follows:
Lenders need to know where your down payment is coming from and that it’s ready and available. I’ts important to let Mortgages for Women BC know where your down payment is coming from whether it be cash, gift, investments or rrsps. We even can do mortgages for people with no down payment.
Cash: When it comes to cash, lenders will look for your down payment to be in your bank account for a minimum of 3 months. Typically they will ask for the last 3 bank statements form your current institution.
Gift: If you are using a gift as your down payment it has to be from a relative. They will require that there is a gift letter signed stating that the gift does not have to be re-paid at anytime. As well, they typically like to see a copy of a bank statement showing the gift deposited into your account. This does not have to be in your account for 3 months. We can help you with the gift letter.
Investments: When your down payment is coming from investments, typically all lenders require is a statement showing your most recent investments
RRSP’s: You can use up to $25,000 of RRSP’s for your down payment of your home. One of the advantages of using your RRSP for the down payment is that you can withdraw from your RRSP without tax consequences however; they have to be repaid over a 15 year time period.
Lenders will determine how much you’re approved for depending on a percentage of your income. There are some different requirements whether you make salary, hourly, commission, pension or are business for self etc. Mortgages for Women BC will help you walk you through what you need to provide the appropriate income verification documents for approval.
Mortgages for Women BC will help you facilitate a credit check to determine your personal score. Your score depends on factors like re-payment history and amount of credit available. If you’ve had some credit hiccups it’s not necessarily a problem and we can give you advice on how to improve your credit. Your credit score also determines the particular lenders we will be using.
At Mortgages for Women BC were are here to help and our services are always free. Please feel free to contact us at anytime at 604 – 897 – 2212. We are always happy to help.