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Getting Approved
How can I improve my chances of getting approved for financing?
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4 Replies
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Connect with a great mortgage broker, they are worth their weight in gold!
Prepare all docs ahead of time that will be needed for qualifying (T4’s, pay stubs, letter of employment, down payment docs etc.).
Stay patient with the approval process, it keeps getting longer while lenders ask for more and more documentation.
Watch your credit like a hawk – be sure to make your payments on time and don’t over-utilize credit cards or lines of credit by borrowing more than 65 or 70% of the limit.
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Thanks Elizabeth! This is Insightful.
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I agree with Elizabeth. Mortgage brokers can let you know what needs to be done. Also pre-approval will give you a clear idea of what you can afford to do or if you need to bring in others to help you out.
Here are some mortgage brokers that can help you out @money_man @michaelgreene @kailu @andrew.paesano
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Lenders want to see stable and sufficient income. Make sure your income documentation is thorough and up to date. This includes T4s, recent pay stubs, and bank statements. If you’re self-employed, be prepared to show several years of tax returns and possibly a letter from your accountant. Stability in your employment can significantly boost your approval chances.
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