If you are planning to apply for a first-time buyer mortgage, you may not know where to start. Being unsure whether or not you’ll receive approval for your loan can feel like stepping into the great unknown. We encourage you to follow these tips to ensure your loan will get approved.
Ensure Mortgage Approval By Improving Your Credit Score
If you know that your credit score is low, take immediate action to try and improve your rating. Setting up direct withdrawal payments for your credit cards and phone bills to ensure they are paid on time could play a significant role in whether or not a mortgage lender approves your loan.
Apply For Mortgage Pre-Approval
Mortgage pre-approval can become a useful tool in your back pocket when it comes time to start shopping for houses. Mortgage pre-approval takes the guesswork out of the process. If you don’t receive pre-approval, you can take the necessary steps to save up money and improve your credit score before falling in love with a house.
Do You Qualify For Any First-Time Buyer Mortgage Programs?
When you’re applying for a first-time buyer mortgage, you may qualify for some financial aid from local or provincially funded programs. If you can save extra money to make a more substantial down payment, you may have a better chance of having your mortgage approved.
Turn to a Private Mortgage Lender
Private mortgage lenders are more than happy to help as you plan and apply for your first-time buyer mortgage. Mortgage investment specialists can help you determine what you can afford for monthly payments, and how you can budget for a mortgage that meets your needs.
As you begin the process of applying for a mortgage and buying your first home, follow this advice to ensure loan approval and a comfortable process from start to finish.
Whether you’re looking to borrow or invest, Alta West Capital can help. We offer a number of lending solutions for first time buyers, individuals and families that are new to Canada, self-employed business owners, real estate investors and more. Alta West
loans are fast and flexible to fit your needs. Visit our website to apply online or contact us directly. Call (403) 254-9075 or email firstname.lastname@example.org.