If you are purchasing a home or refinancing your existing mortgage, you are in the right place. Our company was created with the #1 goal of saving people money on their mortgage.

While saving you money is #1, we also take pride in our customer service and expertise. If you need a Pre-Approval Letter, we are always available for your convenience and can typically get you the Letter within minutes.

As a broker, we have more choices and flexibility than most lenders out there. We think you will find that we can save you money with better rates and lower closing costs.

Your Mortgage Source

Great Savings

Here For You

Best Options

Home Mortgages Confusing You? Try These Tips Out

Have you been searching around for a home mortgage? Have you thought about the necessary steps that need to be taken in order to get approved? Have you had problems getting a home mortgage in the past? There are many things you can do to increase your chances of approval. It makes no difference why you are here, because the tips in the below article will show anyone in search of a home mortgage just how to successfully complete the process.

Most mortgages require you to make a cash down payment. Some lenders used to approve loans without a payment up front, but that is extremely rare today. Know how much this down payment will cost you before you apply.

Have your documents carefully collected and arranged when you apply for a loan. There is basic financial paperwork that is required by most lenders. Some of them include W2s, bank statements, pay stubs and your income tax returns for the past few years. You will sail through the process quickly with your documents in hand.

Make a budget to define exactly how much you are willing to pay each month towards your mortgage. Know what your maximum monthly payment can be without bankrupting you. When your new home causes you to go bankrupt, you’ll be in trouble.

You shouldn’t pay more than 30 percent of the total of your monthly income on a mortgage. Unexpected financial problems can result if the percentage of your income that goes to your monthly payment is too high. If you maintain manageable payments, your budget is more likely to remain in order.

Find out about the property taxes associated with the house you are buying. Anticipating property taxes is important. Tax assessors might value your house higher than anticipated, causing a surprise later on.

Prior to signing a refinance mortgage, request for all the details to be in writing. This should include all closing costs, and any fees you will be held responsible for. Most companies are honest about these fees, but some keep it hidden to surprise you later.

Ask family and friends for advice when you are searching for a home mortgage. They may be able to provide you with some advice that you need to look out for. Their advice can help you avoid pitfalls that they experienced. Talk to more people to learn as much as possible.

Have a few low balances on credit cards instead of huge balances on two or one. Try to keep balances down below half of the credit limit as recommended by Calgarymortgagedepot.ca. If you can get them under thirty percent, that’s even better.

The mortgage loan that is the easiest to get approved for is likely the balloon mortgage. The loan is short-term, and you need to refinance the loan upon its expiration. This is a calculated risk to take, since rates always have the possibility of going up during the loan term, as well as your personal financial stature taking a hit.

Don’t opt for variable interest rate loans if you can avoid it. As the economy changes, the rates of your loan will change as well and it can cost you a lot more in interest fees. You could possibly lose your home if you can’t afford it.

If you are able to pay a bit more each month, consider 15 and 20-year mortgages. You end up paying less in interest because you pay the loan off sooner. In the long run, you can save thousands over a 30-year loan.

It is very important to have adequate savings before considering buying a home. It will look good on your balance sheet, but you may also need some of that money. You’ll need cash for closing costs, any points you may opt for, appraisal fees and other things. The bigger the down payment you can make, the more advantageous your mortgage terms will be.

While you want to focus on the rate that you get with a home loan, there are other things to focus on as well. Many other fees may be tacked on as well. You will want to consider the costs associated with closing and also the kind of loan being offered to you. You should get estimates from a few different banks before making a decision.

Consider your personal comfort level when it comes to how much you want to spend on a home before talking to a mortgage company. Your lender might approve you for a greater amount than you initially thought you could afford, and this provides some wiggle room when it comes to your home search. Whatever the case may be, don’t start getting overextended. If you overextend yourself, you could end up in serious debt or worse.

After the loan approval process is done with, you need to have your guard up. But avoid making any actions that will change your credit rating at this time. The lender will probably check your score right before closing. They have the power to take away the loan if they discover you opened a brand new credit card, or financed a new car.

If your credit rating is low, you need to take extra steps in order to secure a loan. Keep your payment records for several years. If you can show that you pay your living expense on time, lenders will take that into consideration.

Posted rates are not set in stone. Check the competition to see where the best rates are and use that information as leverage.

When looking for a mortgage broker, consider asking friends and family for advice. They can give you inside information on the company they used. Once you have gathered their suggestions, you can compare rates and services.

You can find books about home mortgages at your local library. Your library can be a free source of information on home mortgage buying process. This information can benefit you since you will be saving a lot by avoiding hiring someone to protect you.

Reading this article has made you much more informed about home mortgages. If you are smart and have all your ducks in a row, you can get approved for a home loan. Fortunately, you’ve just learned what you need to know.