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Tips On How To Prepare For A Mortgage

Canadian Mortgage Authority, Inc.



Choosing the right home loan can be just as stressful as finding your perfect house. Whether you are looking for a Grimsby mortgage or a Hamilton mortgage, the Canadian Mortgage Authority team can provide the best advice on how to prepare for a home loan.


  1. Get your finances in order

Preparing for a mortgage means you need to have all your finances in order. Organising all your documents including your payment history over the past two years, any debt you have and your credit score information can help prepare you for the mortgage process. In addition, knowing your credit score ahead of time gives you the opportunity to fix any problems your financial record may have. The better your score is, the better rates you may receive on your mortgage.


  1. Start saving ahead of time

Before you apply for a mortgage, it will be in your best interest to make sure you have enough money for a down payment. Your Grimsby mortgage broker will provide a better mortgage with lower interest rates if you are able to put down at least 20% of your home’s cost.


  1. Get pre-approved

Getting pre-approved for a loan can help save you time and money in the long run. Pre-approval shows that you are financially ready to take on the commitment of homeownership. It also informs you on the exact amount of money you can borrow from a lender. This amount will tell you what you can afford and the price range you can shop for homes in. Being pre-approved can also save you time because it means all of your financial documentation will be together and organised for when you start the mortgage process.


Obtaining a Grimsby or Hamilton mortgage can be very overwhelming, but if you follow our mortgage preparation tips you will have everything in order and be less stressed. For more tips or to get started on your mortgage application today, please contact the Canadian Mortgage Authority, Inc. at 905-309-8799.

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