Getting a Mortgage: A Step By Step Guide
Posted by Terry Paranych on
A simple, seven-step guide to the mortgage loan process.
Step 1= Save Your Down Payment
Your down payment plays a major role in determining how much home you can afford and what type of mortgage you’ll qualify for. For this reason, saving your down payment is the essential first step to securing a great mortgage loan. Keep in mind, Canada’s mortgage rules require a minimum of 5% down and anything under 20% will be subject to mortgage loan insurance.
Step 2= Get Pre-Qualified
After saving your down payment, the next step is to seek a mortgage pre-qualification. During this process, a lender will take a high-level view of your current financial situation (including your income, debt(s) and down payment) and give you a ballpark number as to…
1073 Views, 0 Comments