You’ve done it!  Your hard work, saving, and relentless home-searching has finally paid off and you’ve found your first home purchase! Congratulations! 

The next step is to find the mortgage that best suits your circumstances.  For many first time home buyers, the mortgage application and approval process can be stressful and intimidating.  In today’s market, lenders are being particularly careful about what they require from applicants in order to secure a mortgage at a competitive rate.  

As your mortgage broker, it is my job to walk you through the entire process, from when you start looking for your home, to providing advice after your mortgage has closed.  I am with you every step of the way, to make sure that your home owning dreams become a reality.

In my five part First Time Home Buyers Series, I will walk you through the mortgage application process, including the documentation you will need to provide to secure your mortgage approval.

Part One: The Pre-Approval
This first post will go over pre-approvals and the importance of “subject to financing” clauses.

Part Two: How Much of a Mortgage Can You Afford?
Here I will discuss how lenders calculate qualifying ratios, and what other fees and debts should be included in your calculation of how much of a mortgage you can afford.

Part Three: Income
I will discuss what you will need to provide for proof of income, and the situations where lenders may require more documentation or information.

Part Four: Down Payment
This post will provide an overview of the questions the lender will need answered about your down payment, as well as stipulations lenders may have on where the money is coming from.

Part Five: First Time Homebuyer Grants and Credits
In this last post I will provide a brief overview of first time homebuyer grants and credits that may be available to you.