Getting a Mortgage For Your Residential Property

Whether you are first-time buyer or an experienced buyer with excellent credit, Atlas Mortgage Group has access to the very best products and rates available across Canada. Below is a brief overview of the mortgage approval process.

Mortgage Pre-Qualification: This process provides you with an estimate of how much you can afford based on your own report of your financial situation. The benefit of this is that it sets the baseline for a realistic price range and allows you to start looking for that perfect home within your means! Now this process is not a mortgage approval, or even a pre-approval but it helps to establish your budget.

Mortgage Pre-Approval: While this may seem similar to pre-qualification, the pre-approval process requires submission and verification of your financial history to ensure the most accurate budget to fit your needs. A pre-approval will help you determine how much you can afford, the rate of your mortgage term, and the monthly mortgage payment.

Financial Approval: Financial approval is the last step to getting your mortgage and buying your home! The lender will conduct a final check on your financial profile to make sure nothing has changed since the pre-approval. To avoid jeopardizing your pre-approval, it is best to refrain from any major purchases (such as a new car) or life changes (such as changing jobs) until after closing and you have the keys to your new home!

A down payment is the amount of money you need to put down on your new property. The ideal down payment for purchasing a home is 20%, however you can purchase a property with as low as 5%. It is important to note that any potential buyer with less than a 20% down payment MUST purchase default insurance on the mortgage. If your down payment is coming from funds of your own, then a history on all funds must be submitted with your mortgage application. If your down payment, or a portion of your down payment is a gift from a family member, a signed gift letter is required.

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