This is where it all begins. However, pre-approvals are also something that new buyers put off for far too long. But procrastinating any further could cost you by missing out on extremely low mortgage rates and other favorable programs (how does just 5% down sound?).
We understand your apprehension, as both first-time home buyers and seasoned investors find the mortgage approval process a bit overwhelming. Industry phrases such as debt-to-income ratios, loan-to-value calculations, credit checks, property designations, and mortgage program qualifications can make that first step seem a mile long. On top of it all, you’ll find that different lenders have different definitions and criteria for each step of the process. And if a given lender doesn’t approve your initial application, you (like many) become disheartened and put off a home purchase for yet another year. That opportunity cost is simply too much to bear.
Fret not, because we’re here to manage it ALL. Carloni Mortgage Brokers are experts in the pre-approval process. We also have access to many lenders throughout the Southern Interior of BC. This lets you can tap into a wider range of mortgage products and greatly increase your odds of a pre-approval. When going to a lender on your own you’ll have to come heavily armed with enough paperwork to put Dunder Mifflin out of business. Before you even approach them you’ll need an accounting of your income, assets, debt, financial obligations, and be locked and loaded with proof of employment, proof of downpayment and closing costs, and financial statements from bank accounts or investments to back it all up. Overwhelming indeed. But do you know what you need prior to calling Carloni Mortgage Brokers to discuss a pre-approval for a Penticton area property? Just a few minutes for a friendly noncommittal conversation. From there we can get into the fine print, but to get started we simply want you to know that we’re there for YOU.