Five Tips To Help You Avoid Stress When Getting A Mortgage

Author: Rowan Smith Mortgage Broker - City Wide Mortgage Services | | Categories: Mortgage Broker , Mortgage Renewal , Mortgage Services

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Whether you’re considering buying or building a home, starting a new business, or putting together money to consolidate a previous debt, a mortgage is one of the most cost-effective ways to raise the necessary amount. However, while mortgages are advantageous, availing of them can be challenging depending on your credit history, employment status, and other factors. This can often lead to unnecessary stress and roadblocks.

To enable you to overcome the strain that comes with obtaining a mortgage, Rowan Smith Mortgage Broker - City Wide Mortgage Services is here to help. As a mortgage expert, I have an unbeatable track record of shopping around, finding mortgage options to suit every income bracket, and listing borrowing options that simply work. So, to extend some help to you as you seek a mortgage, I have compiled a list of five tips to help you avoid stress when getting a mortgage.

Tip #1: Stay available and don’t leave town
Buying a new home and getting a mortgage can be a trying time. This said it could get a lot more stressful if you happen to leave town or are unavailable before the mortgage is signed and closed. You also may need to provide additional paperwork or sign legal documents, and for this, you must be present.

Tip #2: Avoid large and extravagant expenses before your mortgage is closed
During the process of obtaining a mortgage, it is wise not to make large purchases of furniture or housewares using credit facilities until after you acquire your mortgage. You see, large and extravagant expenses before your mortgage is closed affects the bank’s debt servicing calculations and can result in your mortgage being pulled.

Tip #3: Ensure you are available for the signing before closing
As the signing of the mortgage takes place very late in the process, another tip that will ensure a successful mortgage is to make sure you are free to attend lawyer signings around seventy-two hours before closing.

Tip #4: Avoid changing jobs during the mortgage process
Another factor that affects mortgage acquisition is employment status. Do not change jobs after subject removal but before completion. If the bank gets wind of a job change, considered a material change, they can pull the mortgage if they don’t like your new pay structure.

Tip #5: Ensure you have funds in your account before the closing
Finally, try to make sure your funds are in an account at least five business days before closing as many virtual banks have five-day turnarounds to get drafts for purchases, and this can leave you stressed or cause you to miss the deadline for the payment.

For more tips on how to go about getting a mortgage, reach out to us at Rowan Smith Mortgage Broker - City Wide Mortgage Services. I have been in banking and brokering for twenty-one years and have been an independent broker for eleven years. In addition to straightforward home purchases, I also specialize in more complex transactions such as construction, private lending, commercial, and debt restructuring while in foreclosure. My mortgage services are available to clients across Vancouver, Yaletown, Burnaby, Richmond, Coquitlam, Surrey, South Surrey, White Rock, Langley City, Fort Langley, Langley Township, Aldergrove, Abbotsford, Chilliwack, Hope, and the surrounding areas.

To learn more about my services, please click here. If you have any questions related to mortgages, I would love to hear from you. Please click here to get in touch.

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