09 Aug 6 Proven Tips for First-Time Home Buyer Mortgage Approval

Are you looking to buy your first home in Canada? If you’re a first-time home buyer, you may be very excited to purchase a home you can proudly call your own and may require financial assistance to achieve this dream goal. When it comes to buying a home, your primary objective should be to get a good first time home buyer mortgage in Abbotsford at a competitive interest rate deal.

In this blog, we’ll discuss some proven tips to help you choose the best mortgage deal for a quick first home buyer mortgage approval.

• Talk to a real estate broker

The majority of first-time homebuyers have difficulty understanding the mortgage application procedure. When you work with a real estate or mortgage broker in Abbotsford, you may find and select the best mortgage offers from over 30 lenders for buying a home. Not only this, brokers can help you save big by finding out which government incentives you are eligible to apply for.

• Evaluate your financial status

Before signing a home-buying contract, it is crucial to assess your financial status. Determine whether your credit is good or bad by analysing your existing credit score. A higher credit score may enable you to receive more favourable loan repayment conditions along with a reduced interest rate. When evaluating your financial status, take into account your income, savings, and debts.

• Get a mortgage pre-approval letter

The first step to becoming a homeowner is to work with a mortgage broker to get pre-approved for a mortgage. You need to submit your bank statements and financial information to the lender in order to get pre-approved for a mortgage. In order to assess if you qualify for pre-approval or not, your credit score plays a significant role.

• Analyse all mortgage options available

As a first-time homeowner, you can reduce home buying costs by taking advantage of several government grants and initiatives. Along with government subsidies and initiatives, you should always do extensive research or check into various mortgage-saving options, such as fixed-rate and adjustable-rate mortgages (ARMs).

• Find a local mortgage lender

Mortgage brokers work with a network of lenders to provide qualified residential mortgage clients with a selection of mortgage options at varied interest rates. You can close a competitive purchase with the support of an experienced broker with a strong market reputation and a track record of assisting first-time home buyers. You can also find testimonials and reviews online to help make the right decision.

• Finalising the mortgage agreement

It is best to entrust the effective completion of a home buying or real estate transaction to an experienced mortgage broker. After you submit your mortgage application, the lender will review it and explain the terms and conditions you must follow to have your mortgage granted within few days.

If you are looking for a reliable first time home buyer mortgage broker in Abbotsford to help you in getting a quick mortgage approval, rely on none other than Satbir Bhullar. With years of experience in the mortgage industry, I can get you approved for any mortgage amount. For more details, give me a call today.