Whether you are buying your first homeor a consecutive home, there are 5 important steps that if followed can take the stress out of the experience and put the fun back in!
Step #1
Know How Much You Can Afford by Getting Pre-approved.
The first step should always be getting pre-approved so you know exactly how much you can afford and how much you will be approved for once you find a home. Lenders will look at your credit history, income, down payment and your current monthly debts.
Advantages of being pre-approved:
You know how much you can spend on your home
You have more power in multiple offer situations, perhaps keeping only a home inspection clause in your offer, thereby making it stronger against other offers.
You have a guaranteed interest rate for up to 120 days, if rates increase while you shop, you are covered.
Once you apply for a mortgage with “Your Durham Mortgage Solutions Team”, we submit your application to a lender for the best rate pre-approval. This can take from a few hours to a few days depending on the situation.
It’s important to understand the vast difference between Pre-qualified and Pre-approved.
Pre-qualified: is a simple process of calculating how much you can afford based only on your income and monthly financial obligations without ever reviewing your credit history. There is no value to being pre-qualified.
Pre-approval on the other hand means your credit bureau has been reviewed, a request for proof of income and down payment have been made and all this information is sent to a lender for their review. The big benefit for a borrower is that not only does the pre-approval have substance, but it comes with a rate hold of up to 120 so there is little pressure to find a property.
Assuming You Are Getting the Best Rate From Your Bank.
Homebuyers will naturally visit their bank when they decide to buy a home, however the best rate is not usually found at your bank. Remember that when you visit your Bank, they can only talk to you about Their rates and Their mortgage options. They may even tell you that certain options are not available to you when the truth is that they just aren’t available through Their bank. Getting the right information is critical and could save you thousands of dollars on the biggest purchase that you will make in your lifetime.
“Your Durham Mortgage Solutions Team’works for you, not the Lenders, so we have your best interest in mind when you contact us. We don’t charge you anything if you qualify for a mortgage because we are compensated by our Lender Partners. You are almost always offered a better rate at the start because we have so many options to offer.
How Is It Possible to Get Such Great Rates?
Most of our Lenders don’t have branches
Their overhead is very low
They specialize in one product – Mortgages!
You get a better rate because it costs them less to do business
If you are tempted to go from place to place to shop for the best rate you could impair your credit. Each time you make a mortgage application the Lender will look at your credit and each inquiry can cost you value points on your credit score. The big advantage to contacting “Your Durham Mortgage Solutions Team" is that no matter how many Lenders we shop on your behalf, we only pull your creditbureau once. Remember that interest rates can change daily and a verbal quote for a rate has not value to you unless you locked in a rate with a full pre-approval.
There is so much more to a mortgage than just the rate. Imagine buying a suit because it is on sale for $75.00 but it’s not your size and the fabric is poor quality, plus you don’t have a place to wear it. Is it a Bargain? No!
Mortgages are much the same. You should think about:
How long you intend to stay in the home
If you intend to make additional payments annually
How you can save by choosing bi-weekly payment over monthly payments
Whether you can tolerate fluctuation payments from Variable Rate options
To get pre-approved for the exact mortgage that suits your needs, Apply Online now! Or contact a member of “Your Durham Mortgage Solutions Team” Today!
Now That You Are Pre-approved….Lets’ get Shopping For Home!
Turning Your Pre-approval Into a Firm Commitment
Once you have an accepted offer on a home that you want to buy, you must have your Realtor forward the MLS Listing and a fully signed copy of the Offer to “Your Durham Mortgage Solutions Team”
Obtain proof of employment by way of pay-stub, employment letters, T-4s, or NOAs according to the instructions from “Your Durham Mortgage SolutionsTeam” member.
Provide your proof of down payment by way of 3 months bank statements, RRSP statements, Gift Letter and for those with impeccable credit you may be able to borrow the down payment from a Line of Credit or other sources of credit. Be sure to verify with a member of “Your Durham Mortgage Solutions Team”
You will also be asked to provide a Void Cheque for the account that you will make your mortgage payments from.
If you know the name of the law firm that will close your transaction, this is also good information to share with “Your Durham Mortgage Solutions Team” member.
Congratulations! By Following the 5 Steps Above You’re Almost a Homeowner!
Business Partners are always talking about Elfie and her team!
Here’s what they say…
I recently attended Elfie's presentation on developing a business plan. It was excellent! Over the years I have seen several different business plans and attended several presentations on how to develop a professional business plan. Elfie's presentation was full of great tips for completing a business plan and extremely motivating. I think the user friendly outline of a business plan Elfie supplied will make completing my business plan for 2010 a much easier task. Thanks, Elfie.” November 2, 2009
Karen Johnson-Mitchell, Coldwell Banker Case Realty, Pickering.
“I searched for Elfie’s service when my clients were unable to get the necessary financing on a home they purchased from using a previous Mortgage Specialist. I looked for the help of a couple of Mortgage Specialist and Elfie was the only person who took the time to understand the problem and put a plan in place to find a solution. My clients a short time after were able to purchase a house and get the necessary finances as per Elfie’s promise. Elfie will works hard for your clients, communicates with the client and agent along the way and can be trusted that "what she says is as good as gold" and that the deal from a financial standpoint will be fulfilled.” October 25, 2009
Ashley StevensSales Representative , Coldwell Banker RMR Real Estate
"I would like to extend my gratitude to Elfie Hayes and Kelly Kozar at Mortgage Intelligence for their excellent standards, wealth of knowledge and commitment to their clients. It's a great feeling knowing that your clients will receive the same care, professionalism and dedication that you give to them yourself. In a business where the Client is your business, this is paramount. So to the Team at Mortgage Intelligence, as always, I extend my most sincere THANK-YOU!" Deanna Timleck Remax First
“Elife and her team are committed to strong recipricol partnerships. Their first priority - providing information and great customer service to all clients that I have referred to them, thus supporting my business. Elfie is always providing information, resources and business development opportunities for her local business partners. She operates on a philosophy of abundance.” Michele Rowland Sutton Group Status Realty
“Elfie and I are proud members of CARAHS (Canadian association of Renovators and Home Stagers) Elfie has been our guest speaker, where she spoke on Relationship building and how to keep your company brand at front and centre for existing clients and prospects. It was interactive, fun and informative. Elfie also ensures she brings many prospects to the 7am meetings. Elfie is always ready to participate and encourage new members to join the group. Elfie also runs a six week workshop for new Real Estate agents offering hands on tools to help them with their journey. I consider myself very fortunate to have been a presenter at one of her sessions. If you go to www.lowrate.ca you will be able to find out more about her business and why she is successful." Ann Harwood (Web Guru & Business Partner)awebsavvy
“It has been both a privilege and a pleasure working with Elfie. A consummate professional, she and her team offer exceptional customer service & knowledge putting the needs of clients and business partners first. She will get the job done!!” Joan MacDonell Consultant/District Manager, Arbonne International (Business Partner)
