Article provided by: Amber Rambally - Saskatoon Mortgage Broker - TMG
Saskatoon Mortgage Pre-Approval: How It Works
Saskatoon, located in the Canadian province of Saskatchewan, had its beginnings in 1882 when 21 “sections” of land was granted to the Temperance Colonization Society. They desired a “dry” or no-alcohol community and to escape the liquor trade from their previous locations. Saskatoon became a city in 1906 and today it has a population of about 300,000 people.
Like any 21st century city, homes are bought and sold every day in Saskatoon. For new home buyers looking to make Saskatoon their home, they will want to use the services of an Accredited Mortgage Professional (AMP) like Amber Rambally, the leading Mortgage broker in Saskatoon. She is associated with The Mortgage Group (TMG) that has helped over 250,000 Canadians get a mortgage since 1990.
Reality and Pre-Approval
The sad fact is that most new home buyers enter the process thinking they can afford a much more expensive house than they really can. That is why Saskatoon mortgage pre-approval is needed to prove that you can obtain financing and prevent a lot of headaches down the road. A mortgage pre-qualification will act as an estimate of what you can afford but the pre-approval is a more powerful entity in that a lender has actually checked your financial details.
Here is a short list of what is normally needed to get the Saskatoon mortgage pre-approval:
- Proof of Income – If you are employed the proof of your income is easily shown with the Canadian T4 form or USA W-2 form. Self-employed business owners may need to consult with their accountants, tax professionals or seek advice from a professional mortgage broker like Amber Rambally.
- Proof of assets – You need to show that you have the financial reserves to cover the down payment, closing costs and some contingency funds for any unexpected issue that may arise. Existing homeowners are at an advantage here with accrued equity while new homeowners may have to depend on a financial windfall like an inheritance or a gift from a well to do relative.
- Good Credit – A bad credit score can stop any mortgage application unless there are ample funds to overcome the lender's concerns. Patience and sacrifice may be required for average income person to clear up any past credit issues. Having no credit is also a problem so a prospective buyer is urged to take out a few loans or get a credit card and pay them back with no late payments to get a higher credit score.
- Other Documentation – You will need to provide a SIN number (SSN for USA citizens) and perhaps provide more employment verification if you have recently changed jobs.
Hire a Pro
A professional Mortgage Broker like Amber Rambally can save you a lot of time and effort as she will work on your behalf to reach your goal of getting a mortgage. The problem with trying to get a “do it yourself” mortgage is that you likely don’t have the know-how and your emotions might interfere in your negotiations with professionals in the real estate industry looking to increase their commissions rather than serve your interests. Get started with Amber by calling 306-220-0425 or 877-899-5046 in the Saskatoon area for a free consultation or visit the website saskmortgages.ca.Saskatoon Mortgage Pre-Approval
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