Insights Into First Time Home Buyer Mortgages
When you are a first time home buyer, you will discover that the procedure for getting mortgage approval will seem overwhelming, but there is a way to make this easy. There are actually two factors that you have to consider in order to be successful.
Schedule a meeting with a professional mortgage Advisor
This professional mortgage advisor can be a broker or even specialist at the bank. A mortgage broker works independent and would have established relationships with numerous mortgage providers and banks. This broker will assist you to meet with a lender who is offering the best home loan to satisfy your requirements. A mortgage specialist at the bank is not independent, because this person will only work with one loan provider, which is the bank. This specialist will assist you to get products from the bank that will satisfy your requirements. In any case, it is advisable to get a referral for your mortgage advisor. This can be through family, friends and also your Realtor, as these people can give you recommendation to find an experienced professional for you to get the best first time home buyer mortgage.
Organize your documents prior to meeting with a mortgage advisor
Your mortgage advisor will:
1. Review the application process for the mortgage
2. Talk about your requirements and your unique situation
3. Examine your personal information and complete the application
4. Get supporting documents to complete the process
When you bring supporting documents to your meeting, then this will speed the approval process. You need to carry the following paperwork:
Proof of income: Your two latest pay statements and employment letter that would outline your position, income level and period and guaranteed work hours.
Verification of down payment: This can be shown in an Investment Statement or RRSP statement or perhaps three months of personal savings record based on where the down payment originates from
Throughout the application process, the mortgage advisor may ask you to supply your TIN number as well as provide three years of residence and employment history. If perhaps your record shows over one employer or even that you lived at a number of places during the last three years, you should provide those details as well.
The advisor is going to check your credit. In case you have some problems with your credit history, then a mortgage broker is the ideal person to help you find the best mortgage deals.
By using a professional Mortgage Advisor and prepare all your documents in advance, this will make the first time home buyer loan approval process easier and faster.
Oliver Silverstones makes it easy for the first time home buyer, to find all the state and local first time buyer programs. He keeps an update of the best fixed rate mortgages daily, as well as providing great advice to avoid most first home buyer headaches.
Article Source: i2 Article Directory (www.i2articledirectory.info)