The process of securing a mortgage is stressful for most people, not in the least first-time homebuyers. Your mortgage determines the amount you can spend on your new home, which affects where you can buy and what you can expect from the home. To ensure your mortgage application process goes smoothly, we’ve broken down each step so you know what to expect.

1. Meet with a Mortgage Specialist
   Mortgage specialists are experts on the entire process as well as the different mortgage programs available. You may want to have consultations with a couple different specialists until you find one that you feel comfortable with. Or, ask your de Denus Team agent for their recommendation. We partner with some of the top mortgage specialists in the industry and would be happy to connect you.
2. During your meeting, the mortgage specialist will ask you questions to get a sense of your needs and wants in a loan and a new home. Based on your conversation, they will inform you of the different programs available to you, such as the First Time Home Buyer Incentive or the Home Buyer’s Plan.
3. Provide All Required Documents
   You will be required to submit several documents to go with your mortgage application. These documents give the lender a detailed look at your financial standing, income, assets and debts. Here are some of the typical documents that lenders require:
   
   – Credit Reports
   – Pay Stubs
   – Recent Bank Statements
   – Tax Documents
   
   If you find a home you want to purchase before getting approved for a mortgage, the lender will also require information about the listing. Some examples might be a copy of the listing, property tax estimates, well and septic certificates, and your lawyer’s contact information.
4. Get Pre-Approved… or Not
   Your mortgage specialist will prepare your application and compile the documents provide to send to the lender. If you get approved, you will know before looking at listings how much you can afford. If your application doesn’t get approved, there are several things you can do. Some of the most common reasons for rejection are that you don’t have proof of sufficient income or assets, your debt is too high, or your credit score is too low. These are problems you can resolve with the help of your financial advisor.

If your application doesn’t get approved after you’ve put an offer in or even begun closing, it could be that your debt-to-income ratio has changed recently, you’ve changed jobs recently, or the property inspection shows the property is not up to par. Your mortgage specialist will explain the reason(s) your application was rejected so that you can work out any issues before applying again.

Ready to Start the Home Mortgage Process?
The de Denus Team partners with several top-tier mortgage specialists. If you’re ready to start this process, we would be delighted to connect you. Or, if you’re ready to start looking at homes, check out the most recent listings in Burlington, Hamilton, or Ancaster and contact us to set up a viewing!