Where Do I Start with my Mortgage Process?
Buying your first home in Surrey can be a complex and confusing process as being a first-time homebuyer, but it doesn’t have to be. Here are some answers to the most critical questions about mortgages in surrey and buying a home.
What is a Mortgage?
A Mortgage is a loan, basically given by a bank or other financial institutions, which can be used to pay while buying a property. Here are some types of mortgages to look at:
Open mortgage: This mortgage is a viable option for the short term and can be paid off as fast as you want to pay back.
Closed mortgage: As for closed mortgages, there are some penalties for paying it off before the term is done.
Variable mortgage: As for Variable mortgages, the interest rate changes throughout the term.
Fixed mortgage: In this case, the interest rate will always stay the same throughout the term.
To find the right mortgage loan for you, call our mortgage broker in Surrey Today! Call us 778-320-9494
How do I get a mortgage?
Homebuyers will need to make an application to their bank or financial institutions in order to apply for a mortgage. The application process will require you to submit financial documentation, including:
- Paystubs
- T4s
- Notice of assessments
- Letter of employment
- Proof of any other income such as rental income
Your bank will process your application and assess the submitted documents. After this, bank will decide whether you qualify for the loan or not. If you aren’t approved during the first try, it doesn’t mean your homeownership dreams end here, as you can always apply with our Mortgage Broker in Surrey for Private Mortgage in Surrey. Just because a bank refuses your application doesn’t mean you won’t be able to find a lender who will approve a mortgage for you.
When should I apply for a mortgage?
It often not easy to know when is the correct time to apply for a mortgage. Every Homebuyer can have their specific approach. Some people may think to wait until they have picked the house they want, while others may prefer to apply before they even begin shopping for property. In both cases, getting pre-qualified for your desired mortgage is a good idea. While it is not the same as getting one, pre-qualification can help you know how much of a mortgage you can get, narrowing down what you can afford in a house.
What else do I need to know about buying a home?
It is important to remember that when you buy a home, there are some extra expenses that you should prepare for. These include:
- Downpayment closing costs
- Legal fees
- Inspection costs
- Repairs
- Maintenance
What is refinancing?
Sometimes, you may want to change your mortgage terms or find better interest rates. In such cases, you can refinance your existing home loan. Mortgage Refinance in Surrey means taking out a new mortgage, which will allow you to pay the remaining balance on the current one. If the market interest rates are low and you’re able to refinance at the right time, it can save homebuyers their hard money in the long term.
If you’ are interested in learning more about getting a mortgage or other mortgage solutions in Surrey, call Crown Funding Mortgage Broker Surrey at 778-320-9494 or contact us.
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