Pre approval do's & don'ts slide

PRE-A

PPROVA

L

DO’S

& D

ON’T

S

Martene Woodward Mortgage Associate 866.932.8412 [email protected]

Purchase Best Mortgage Rates Renewal Mortgage Pre-Approval Refinance

http://www.mortgage-broker-edmonton.com/Edmonton-Mortgage-Brokers

http://www.mortgage-broker-edmonton.com/Best-Mortgage-Rate-Edmonton

http://www.mortgagegirl.ca/mortgage-renewals/

http://www.mortgage-broker-edmonton.com/Edmonton-Mortgages

http://www.mortgage-broker-edmonton.com/Edmonton-Home-Equity-Loan

http://www.mortgagegirl.ca/


PRE-A

PPROVA

L

DO’S









Reducing your debt level is never a bad idea.

DO-PAY DOWN CREDIT BALANCES









You consult a doctor about your health,

you consult a mechanic about your

car, you should consult a real estate professional about

your home purchase.

DO-USE AN EXPERIENCED REALTOR; OR LAWYER IN THE

EVENT OF A PRIVATE SALE









DO-PUT

A FIN

ANCING

CONDITIO

N ON T

HE

OFFER

TO P

URCHASE

A pre

-appro

val i

s an

appro

val b

ased

on y

ou th

e

borro

wer

and y

our c

urren

t finan

cial

pro

file. T

he

lender

and in

sura

nce c

ompan

y (if

applic

able

)

still

nee

d to a

pprove

the

proper

ty, s

pecifi

cally

the

valu

e an

d con

dition

of i

t.









DO-STA

RT SAVIN

G UP

YOUR C

LOSIN

G COSTS

THE L

END

ER W

I LL W

AN

T TO

CO

NF I R

M Y

OU

HAV

E CA

SH

ON

HA

ND

TO

CO

VER

YO

UR

CLO

SIN

G

CO

STS

LI K

E LAW

YER

FE ES

,

PR

OP

ERTY

TA

X A

DJU

STM

ENTS

,

T I TL E I

NSU

RA

NC

E ETC

.









DO-TALK

TO Y

OUR

MORTG

AGE PROFE

SSIO

NAL

BEFORE

MAKIN

G ANY

CHANGES T

O YOUR

FINANCIA

L PROFI

LE.

WE N

E ED T

O K

NO

W B

E CAU

S E IT M

A Y

CH

ANG

E YO

UR

PR

E - AP P R

OVA L

S TATUS .









DO-KNOW

YOUR

POTENTI

AL PA

YOUT

PENALT

IES

Ensu

re y

ou a

re a

war

e of

the

cost

s in

volv

ed if

you d

ecid

e to

bre

ak y

our t

erm

ear

ly. T

he m

ost

com

mon

reas

ons

to b

reak

the

term

ear

ly a

re

to m

ove

proper

ties,

or t

o re

finance

to p

ull ou

t

equity

or p

ossi

bly to

lower

the

inte

rest

rate

.









This will make the mortgage

process go smoother

when you find a property.

DO-START GETTING YOUR SUPPORTING DOCUMENTATION

TOGETHER









PRE-A

PPROVA

L

DON’T

S









Your pre-approval is based on your employer and position at the time of the application. If you change those details, your pre-approval states may change.

DON’T-SWITCH EMPLOYERS OR POSITIONS









Your pre-approval is based on your debt balances

at the time of the application. If you

increase any of your balances or incur new credit, this could lower

your Maximum Purchase Price. This

includes “don’t pay for a year” scenarios.

DON’T-INCUR NEW DEBTS









DON’T-B

UY A C

AR

You c

an’t

live

in y

our t

runk,

so

don’t

buy a

new c

ar u

ntil y

ou h

ave

posse

ssio

n

of y

our n

ew h

ome.

The

car p

aym

ent w

ill

reduce

you

r max

imum

bor

row

ing p

ower

.









DON’T- T

RUST A S

ELLE

R’S

OPINIO

N

ON THE C

ONDITIO

N OF

THE

PROPE

RTY

OR ANY

RECENT

RENOVATI

ONS DONE

ALW

AYS C

ON

F IRM

TH

E DETA

I LS

THE S

E L LER H

AS T

OLD

YO

U B

Y

OB

TAIN

ING

A P

RO

FESSIO

NA

L

I NSP

ECT IO

N.









DON’T-O

VERLO

OK A

PROPERTY

BEC

AUSE IT

NEEDS A

LIT

TLE

TLC

S OM

E LE N

DE R

S OF F E

R A

ND

IN

NO

VAT I VE

P RO

DU

CT C

AL L E D

A

P UR

CH

AS E +

I MP R

OV

E ME N

T S M

OR

T GA

GE .

T HI S

AL L O

WS Y

OU

TO

IN

CL U

DE T

HE C

OS T

OF T

HE I

MP R

OV

E ME N

T S IN

YO

UR

TO

TAL

MO

RT G

AG

E AM

OU

NT.









DON’T-M

AKE ANY L

ARGE

DEPOSIT

S INTO

YOUR B

ANK

ACCOUNT W

ITHOUT

FIRST

CONSULTIN

G YOUR

MORTG

AGE PROFE

SSIO

NAL

FIRST

The

lender

will

wan

t to

confirm

any

larg

e dep

osits

into

you

r acc

ount t

hat h

old th

e dow

n-pay

men

t

funds.

This

is to

sat

isfy

the

Anti-M

oney L

aunder

ing

Law.









QUESTIONS

P L E A S E DO

NO

T HE S I T

AT E TO

CO

NTAC

T: Martene Woodward Mortgage Associate

866.932.8412 info@mortgagegirl.

caPurchase Best Mortgage Rates Renewal Mortgage Pre-Approval

Refinance







Pre approval do's & don'ts slide

Economy & Finance

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