A Beginner’s Guide To Obtaining A Mortgage
Unless you have very deep pockets or have inherited a pile of bricks and mortar, the chances are you’ll need a mortgage to buy your first property. A mortgage is simply money taken on credit that is used to buy a property. A down payment is required to pay for a portion of the property yourself, while the mortgage will cover the remaining amount. I am Jeff Cody, a mortgage broker with Jeff Cody, Platinum Mortgages Ottawa (Mortgage Architects). I want to help educate first-time buyers about what they require to obtain a mortgage. This is why I have prepared a beginner’s guide to obtaining a mortgage. Upon request, I can also send you a more comprehensive buyer’s guide. (https://assets-powerstores-com.s3.amazonaws.com/data/org/21342/media/doc/home_ownership_guide-updated_address-611b39a5ef2ceed2ce6880380cc05225.pdf)
Hire a professional: A professional mortgage broker helps clients by going through the process of qualifying them for a mortgage on a step-by-step basis. They are trusted experts in the mortgage industry and can provide individual solutions and options.
Make an application: To get started, clients need to complete an online application with their personal information, employment, assets, and debts. Download my app https://maapp.ca/app/jeff-cody.
Prepare all documents: The mortgage broker will require documents to qualify their clients. Having it ready and available ahead of time will make the process smoother. Clients will need to provide documents like Letters of Employment, paystubs, 90-day statement history of savings or investments for a down payment, a photo ID-Copy of a driver’s license, or a passport.
Maintain good credit: Lenders will use your credit score to determine how reliable you are as a borrower before agreeing to offer you a mortgage. The better your credit score, the more likely you are to get accepted and secure a competitive interest rate.
Have patience: It is important for clients to have patience and trust what their mortgage advisor is telling them. Don’t underestimate or hurry them, as the process of getting approved is a lot of work. With today’s regulations, mortgage lenders require a lot more documentation, and quite often, they review and request more during the process.
Advice From The Pros
Speak the truth: Clients should always disclose all their personal information, good or bad, and let the mortgage broker handle and recommend the best solutions. If information is not disclosed, it can lead to delays or the mortgage being canceled.
Get pre-approved: Get pre-approved by a mortgage broker who can explain the entire process and what is needed to arrange a mortgage and qualify to purchase a home. Getting pre-approved can also save you valuable time by identifying how much you can afford so that you can target your home search to your price level.
If you are looking for a licensed mortgage broker in Ottawa, reach out to Jeff Cody. I am a fully licensed mortgage broker with Jeff Cody, Platinum Mortgages Ottawa (Mortgage Architects). I obtained my Bachelor of Mathematics degree majoring in Business from the University of Waterloo and later obtained my mortgage broker license in 1988. My thirty-plus years of financial background includes three years working for CMHC, lending for several trust companies, business management, and over thirty years of mortgage work in the Ottawa area. My mortgage services include purchase and refinance mortgages, first-time home buyer mortgage, mortgage pre-approval, residential and commercial mortgages, home equity loans, private mortgages, etc.
Get in touch with me today!
I serve clients across Stittsville, Kanata, Orléans, Ottawa, Clarence-Rockland, Perth, Cornwall, Kemptville, Smiths Falls, Barrhaven, Nepean, Almonte, Carleton Place, Embrun, Prescott, Arnprior, Munster, Lanark, Merrickville-Wolford, Brockville, Casselman, Renfrew, and the surrounding areas. For a complete list of my services, please click here. If you have any questions about mortgages, I would love to hear from you. Please contact me here or call me at (613) 724-9602.