Your Mortgage Application Should Resemble a Great Resume

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.

1 Comment

  1. Calvin Martens 06/24/2009 at 1:30 PM

    Excellent post Wanda, I couldn't agree more.

    In fact this is the major reason why I tell people to use a mortgage broker instead of going directly to the local bank to apply for a mortgage.

    As a mortgage broker my job (or that of any other mortgage broker) is to take your raw financial information and credit history and present it in the most complete and flattering manner possible. Then I look at all the different bank's guidelines and preferences at match you up with the one that will give you the best rate with the best terms.

    You may end up with your mortgage at the local bank anyways but if you use a mortgage broker you'll know that you explore all the options and got the best rate and terms available to you... often your rate will be lower BECAUSE your mortgage broker presented your information like a polished, well-documented resume.

    It's also important to note that while a bank loans officer is working for the bank's best interest a mortgage broker is working for you. He or she doesn't get paid anything by the banks unless you get your mortgage.

    Calvin Martens, Centum

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