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44 >> OUR HOUSE FALL 2017 Dominion LenDing Centres Get prepared gather the following information to have at hand when you meet with your lender or mortgage broker. this will help them determine whether you qualify for a mortgage: » Contact information for your employer and your employment history. » Proof of address and your address history. » government-issued photo identification with your current address. » Proof of income for your mortgage application. » Proof of down payment (amount and source). » Proof of savings and investments. » Details of current debts and other financial obligations. » Know your credit score. Your credit score is a snapshot of your financial health and it shows how consistently you pay off your bills and debts. A good credit score is incredibly valuable. Get preapproved Avoid any hiccups or obstacles before you begin the home shopping process. Being preapproved helps in the following ways: » Determines price range — it'll help you understand what your monthly costs will be and determine your price range. » guarantees the rate — from 90-120 days. And we'll automatically adjust your rate down with any market reductions. » Allows you to put in a competitive offer — become a successful bidder with a short subject-to-financing requirement. » A pre-approval does not mean that a lender has fully reviewed your documentation and you may still need the approval of a mortgage insurer. this is why using the knowledge and expertise of a mortgage professional is so important. Mortgage Financing Process TooLBoX The number one question a homebuyer often has is "What does the mortgage process entail?" By Jeremy Deutsch In very simple terms, the following is an outline of the process upon which you are about to embark: The