Making an Offer on a Home? Ideal homes often receive offers within days of being listed. A buyer can increase their chances of securing their ideal home by being prepared!
3 Quick Tips for Making an offer on a Home:
1) Visit a Mortgage Broker
Sit down with a Mortgage Broker and find out what you qualify for. It isn’t just about getting preapproved with a great rate. It is about being prepared for when you do put an offer in.
Know what you qualify for, know roughly what your payments will be and what costs are associated with purchasing a new home (legal fees, home inspections, etc)
2) Bring Upfront Documents to Your Mortgage Broker
To speed up the approval process, it is best to have documents upfront to your mortgage broker. It allows your Mortgage Broker to better qualify you on income (ex. if you receive hourly/salary plus bonuses). A 2 yr average of income is needed when using bonus/overtime hours. Often clients say they make “X” amount but when it comes down to it, the “X” amount isn’t what can be used to qualify for.
Documents to have ready:
~ last 2 years of Notice of Assessments (what CRA mails out once income taxes are filed). If you don’t have them, contact CRA to mail you out a copy.
~ Current employment letter stating tenure, employment status (full time or part time), guaranteed min hours and pay.
~ Current paystub
~ Source of downpayment: 3 month history of bank statements for savings/RRSPs or amount of downpayment being gifted. If downpayment is from sale of existing home, provide current mortgage statement and current home value.
3) Seek the advice of a Professional Realtor!
Contact a realtor and let them know your needs for a current home. They can filter what is in the market to meet those needs. Plus realtors have exclusive listings to properties that you may not have by searching online.
Making an offer on a Home? Apply now to start the process or contact Jacqueline Jeffries at 780.220.5968 or visit www.jacquelinemortgages.com.