Do you just walk into the bank, sit down and let them make the application on your behalf?
If you answered 'yes' to this question, then you need help!
Think of it this way...
Would you walk into a job interview empty-handed, with no specific information to leave behind with the potential employer about your strengths as a candidate?
Would you hand over a messy resume with all kinds of missing information?
No, of course you wouldn't - not if you wanted that job!
So, if you want a house, why would you treat your written mortgage application process any differently than your polished, well-documented resume or job application form?
The Ideal Structure
The best way to take advantage of the lowest rates in history is to structure your mortgage application so it's the most appealing it can be before you submit it to a lender.
To assess what goes into the ideal mortgage application; ask yourself:
- What income can I use, and not use?
- What do the banks think of a part-time job?
- What does my credit score need to be in order to get the best rates?
- How much of my consumer debt should I pay down first?
- Should I put a consolidation loan in place?
- How can I best boost my credit score?
Wanda Townsend is a sales representative with Century 21 B.J. Roth Realty Ltd. in Barrie, Ontario.