Mortgages

Review your finances.

A thorough analysis of your financial situation is central to the decision to buy. Calculate all of your monthly expenses, in addition to your potential mortgage payment, homeowner’s insurance, taxes and condo fees. Factor in other obligations like car payments, credit card debt, living expenses, and remember to budget for home maintenance costs.

Check your credit score.

Your credit history is an important factor when applying for a loan. The score reflects how well you manage your debt and is calculated using data from your credit report. A lower credit score will result in a higher interest rate on your loan.

If your score is too low, you may not be approved for a loan at that time. There are a number of steps you can take to improve your credit score, including paying your bills on time, only opening lines of credit you need and keeping your credit card balances below half of your available credit.

Getting Organized.

After submitting your mortgage application, your lender may ask for additional information or documents, which may include pay stubs, most recent income tax return, or bank statements.

Factor in closing costs.

Closing costs can vary and will depend on the purchase price of your home. Once we receive a complete loan application you will receive a written estimate of closing costs.