Your #1 Selling Agent in all of RE/MAX in the Fraser Valley *2016 & 2017 FVREB
TOP 1% of REALTORSĀ® Canada wide *2016 & 2017 REP

Buying and Selling Real Estate Blog

Selling Unique BC Properties

Latest Blog Posts

    Qualifying for a mortgage

    Posted by Michele Cummins on May 22, 2014
    Bookmark and Share

    Your Royal LePage agent can arrange to have you pre-qualified for a mortgage before you start shopping for a home. It’s easy, and you’ll avoid possible disappointments down the road if you fall in love with a place, then find out you can’t afford it. Plus, once you do find the perfect home, it will mean you can make an offer immediately.

    Here’s how mortgage approval works: the amount of money you qualify for, plus the amount of cash you can put down equals the amount you can afford to spend on a home. Most lending institutions won’t allow more than about 30% of your income to support a mortgage. If you have other debts, they usually won’t allow your debts and your mortgage to exceed 40% of your income.

    Finalizing your mortgage 
    Once you’ve found the home you want to buy, you’ll need to finalize your financing. You’ll need to provide your lender with the following documents:

    1. A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect’s or builder’s plans and details on lot size and location.
    2. A copy of the offer to purchase or the building contract, if this document has been prepared.
    3. Documents to confirm employment, income and source of pre-approval.
    4. If you have a pre-approved mortgage, it’s a simple matter of finalizing a few details with your mortgage specialist.