In this article we will talk about how to get a mortgage. Many first time home buyers, and real estate investors often struggle with exactly how to get a mortgage in BC. The biggest problem they often make is going directly to their bank to try and get a mortgage. This is often not a good choice.
There's 2 problems with going to a bank. 1) is that usually your mortgage application be declined. 2) is that if you are approved for your mortgage it won't be at the best interest rate. This is especially the case with people who are self employed. They most often get declined for there mortgage when they go to a bank. So when you're figuring out how to get a mortgage what you want to do instead is go to a Mortgage Broker. You can find them in your area listed in the yellow pages, or online. A mortgage broker is a professional middleman who deal with getting ordinary people like you a mortgage. They shop various lenders to find you the best interest rate on your mortgage.
Make Sure You Provide the Right Information. Whether you're picking and choosing yourself or consulting a financial advisor you need to ensure your providing details that will ensure you maximize your chances of being approved. A lender will want to see as much evidence as possible that you can afford the mortgage, which usually means providing proof of your income through wage slips. They will also request bank statements as well as proof of ID and residency.
It's the best way for people who are entrepreneurs, house-flippers, real estate investors, and self employed when they ask me "can I get a mortgage". Banks often will not approve these types of people for mortgages but mortgage brokers have ways to get them approved and that's how to get a mortgage. I've had great success with them in my real estate investing career. It's far better than dealing with a bank. Again it costs you nothing as the mortgage broker gets paid by the lender.
Waiting for the Outcome of Your Application. Usually you'll know the outcome of your application quite quickly but every application is subject to individual assessment. Once your application passes initial assessment, the property for which you're borrowing the money will be valued on behalf of the lender which all in should take around 2 weeks. If the lender is pleased with this then you and your solicitor will both be issued with a copy of the mortgage offer. From this point all the legal processes, transfer of the property to your name and drawing down of your funds should take anywhere between 4 to 8 weeks.
There's 2 problems with going to a bank. 1) is that usually your mortgage application be declined. 2) is that if you are approved for your mortgage it won't be at the best interest rate. This is especially the case with people who are self employed. They most often get declined for there mortgage when they go to a bank. So when you're figuring out how to get a mortgage what you want to do instead is go to a Mortgage Broker. You can find them in your area listed in the yellow pages, or online. A mortgage broker is a professional middleman who deal with getting ordinary people like you a mortgage. They shop various lenders to find you the best interest rate on your mortgage.
Make Sure You Provide the Right Information. Whether you're picking and choosing yourself or consulting a financial advisor you need to ensure your providing details that will ensure you maximize your chances of being approved. A lender will want to see as much evidence as possible that you can afford the mortgage, which usually means providing proof of your income through wage slips. They will also request bank statements as well as proof of ID and residency.
It's the best way for people who are entrepreneurs, house-flippers, real estate investors, and self employed when they ask me "can I get a mortgage". Banks often will not approve these types of people for mortgages but mortgage brokers have ways to get them approved and that's how to get a mortgage. I've had great success with them in my real estate investing career. It's far better than dealing with a bank. Again it costs you nothing as the mortgage broker gets paid by the lender.
Waiting for the Outcome of Your Application. Usually you'll know the outcome of your application quite quickly but every application is subject to individual assessment. Once your application passes initial assessment, the property for which you're borrowing the money will be valued on behalf of the lender which all in should take around 2 weeks. If the lender is pleased with this then you and your solicitor will both be issued with a copy of the mortgage offer. From this point all the legal processes, transfer of the property to your name and drawing down of your funds should take anywhere between 4 to 8 weeks.
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