Do This...But Not That

Do This!

7 tips for your mortgage pre-approval.

1. Get to know your budget. Your True North Mortgage broker will help you with your numbers, but understanding your own financial picture is always a sound idea.
2. Manage your debt and credit cards. Take stock of what you owe, and work to reduce your debt-to-income ratios.
3. Ready your down payment. Gather your numbers and know your down payment sources (you'll need to provide a 90-day history for related transactions).
4. Consider your rate type and mortgage term. We can help you decide what may work best for your lowest monthly payments.
5. Gather your info and docs. That way, you'll be ready to provide financial details when needed (we'll outline what you need along the way).
6. Stay in touch with your True North broker. Once you're pre-approved, make sure to keep your broker 'in the know,' especially if you need to leave town during the process, or when a seller accepts your offer.
7. Read the fine print. Your broker will always take you through the details, but it's a good idea to read things over for yourself (or have a lawyer review them).

But Not That!

7 tips on what not to do when getting pre-approved.

1. Don't go beyond your pre-approval budget. Placing an offer on a higher-priced house runs the risk of being rejected by the lender (or pushing your budget over the top).
2. Hold off on any major purchases or loans. A lender wants to see a commitment to your mortgage loan. Plus, you don't want to impact your debt ratios involved in your pre-approval.
3. Don't spend any of your down payment. Once you've established your funds and are pre-approved, consider your down payment off-limits for any other spending.
4. Don't move or transfer large sums between accounts. Anti-laundering laws are a big deal, so have a solid paper trail for your accounts and funds.
5. Don't apply for new credit. A new credit card, for example, may affect your credit rating, with not enough time to re-establish your standing.
6. Avoid any job changes. Steady and predictable is how to help the lender evaluate your income.
7. Pay bills on time throughout your process. Missing payments will impact the credit score used by the lender to approve your final mortgage.

Ride that pre-approval all the way home, while saving time and money.

When you first contact us to pre-qualify or get pre-approved for a mortgage, we'll help you through the details and docs — without a hitch.

We're obsessed with helping you save thousands with a better rate AND the right mortgage product that fits your life.

You'd be surprised how getting a flexible mortgage now can save you money later on (think pre-payment penalties) when you go to make a change (like for payment frequency) or renew or refinance.

Your better mortgage is right here, with us — in your preferred language, anywhere you are in Canada.