#1 Thing | Mortgage Weekly | Nov 11th, 2017 | Jason Roy | Edmonton Mortgage Broker

All right mortgage weekly time Another end have another crazy crazy week as you can tell it's dark out and well it's the end of the day for the end of the week

So mortgage weekly so what's the number one way that you can ensure the best chance at getting your mortgage approved It's not necessarily credit it's not necessarily income it's not necessarily any of those normal things the number one thing to insure the best chance of getting your mortgage approved is coming to me ahead of time getting a thorough proper pre-approval gathering up all your documents your job letters your pay stubs your bank statements getting all of it organized up front So why do I say that because it's easy to say on paper that your income is this and your down payment is that and all that sort of stuff and then to even do a pre-approval based on that information and get a lender to pre-approve it but it doesn't mean that that's actually always the case and not from a fault on your end but just from not necessarily understanding what the lenders are going to need to see and what the reality is to get the approval so sometimes you know you're gonna say I've got $50,000 in the bank account down payments covered no problem but what you didn't realize is that we need to see a 90 day history of those funds and 63 days ago you put that money in because it was a gift from your parents or something that not the end of the world but we need to know that so that we can submit the application properly and then provide the right documentation gift letter that sort of stuff to cover it or it could be with your income you make $100,000 a year but really you make $40,000 a year with on average you're getting $60,000 worth of commissions or bonus so that's a whole different way to look at qualifying that income versus if it was just a straight salary so those kind of things getting all that documentation up front we'll save you a lot of hassle and stress when it comes time to actually get the approval once you've got the property in mind or if it's a refinance once we've done that submitting the application on based on the numbers that you've given me the information you give me is fine but often something comes up that that you weren't aware of or that you know we may have asked the question but it wasn't quite understood and doesn't come up and tell it's the time of actually needing to to know that and then at that point it's too late it becomes stressful it becomes rushed it becomes difficult so the number one way to ensure a nice smooth easy approval is to get all that documentation up front that's also going to make sure we're shopping in the right price point there's no point it's you know looking or thinking that five six seven eight hundred thousand dollars whatever that number is is the price point that you can be in go and get an offer on a house and then your income documentation is not what we expected or the down payment verification isn't what we expected and now you fall in love with that house but you can't you can't buy it and we should have been looking at a different price point or getting things organized or a different time frame so get in touch early don't wait till you found the house get in touch early let's get all the documents in order I know it's not the most exciting thing to chase around job letters and pay stubs and bank statements but let's get that in order so that when you go to write that offer submit that application for a live deal you are and we are organized everything's nice and smooth and clean and done quickly for you alright enjoy your weekend and we will talk to you next week ciao bye-bye

Source: Youtube

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