Guide to getting a mortgage ?

The first thing that you should do is request a copy of your own credit bureau, along with the credit score, so you can see for yourself if there are any issues with your credit. Some of the most glaring issues that you will need to deal with are items in collections, incorrect and erroneous information and a low credit score.

Next, make an appointment to see a Mortgage Broker. Find someone that you feel comfortable with and someone that you can trust. Do not rely on your bank. Your bank rep will not have the time to sit down with you and provide you with all the information that you need to make an informed decision. There is just too much to learn.

Provide your Mortgage Broker with a copy of your credit bureau and ask them if it is wise to move forward with a pre-approval at this time. If not, why not and what advice can they provide to address any short comings with your credit. The absolute best time to move forward with your pre-approval is when you are serious about buying a home and have set a deadline for when you want to buy. With pre-approval in hand, you are in a better position to start looking for your new home.

Trying to find the best rate is not your best option - your goal should be to find the best mortgage for you - one that includes a great rate and all the options and features that are important to you. Find out about things like collateral charges, interest rate differential, pre-payment penalties and additional charges and fees.

cbr663 wrote: ↑

Jan 21st, 2014 5:32 pm

The first thing that you should do is request a copy of your own credit bureau, along with the credit score, so you can see for yourself if there are any issues with your credit. Some of the most glaring issues that you will need to deal with are items in collections, incorrect and erroneous information and a low credit score.

Next, make an appointment to see a Mortgage Broker. Find someone that you feel comfortable with and someone that you can trust. Do not rely on your bank. Your bank rep will not have the time to sit down with you and provide you with all the information that you need to make an informed decision. There is just too much to learn.

Provide your Mortgage Broker with a copy of your credit bureau and ask them if it is wise to move forward with a pre-approval at this time. If not, why not and what advice can they provide to address any short comings with your credit. The absolute best time to move forward with your pre-approval is when you are serious about buying a home and have set a deadline for when you want to buy. With pre-approval in hand, you are in a better position to start looking for your new home.

Trying to find the best rate is not your best option - your goal should be to find the best mortgage for you - one that includes a great rate and all the options and features that are important to you. Find out about things like collateral charges, interest rate differential, pre-payment penalties and additional charges and fees.

damn, that was pretty good advice. will look into the credit report.

I knew how much I was planning to spend on a place, then I just went into a bank branch I got pre-approval up to $30,000 more than I would be willing to spend (this took about 20 minutes). I knew what I wanted and what the going rates were before going in. Mortgage brokers may work better though if you aren't sure of this.

I think getting credit reports seems like a waste of time/engery

cbr663 wrote: ↑

Jan 21st, 2014 5:32 pm

Do not rely on your bank. Your bank rep will not have the time to sit down with you and provide you with all the information that you need to make an informed decision. There is just too much to learn.

This is something I have to differ. I have been on both sides, as a bank employee and a mortgage agent, and the amount of time and effort made to explain things to the clients was never different. There are situations where a bank representative will be MUCH more helpful than a broker, and there are times when the opposite is true. My advice : talk to BOTH. If anything, it will give you more ammunition and allow you to make a decision based on more information.

The idea that a mortgage broker/agent will always be better than a bank employee is just as silly is the idea that you should only trust your bank. There are great people working for banks, and great people working as brokers/agents, so get the benefit of talking to both.

Just my 2 cents.

goto a free mortgage seminar with food
that's what got me to buy my first property at age 23