Get Pre-Qualified!
Your mortgage broker will start by filling out a mortgage application with you. This includes getting your personal information like birthdate, home address and social insurance number. Next will be getting your employment information, including how long you have worked at your company, whether you earn a salary, hourly, or commission wage. A list of assets and liabilities will be taken, including pulling your credit. Then based on qualifying ratios and interest rate, your broker will be able to give you a mortgage amount you qualify for. All income needs to be verified with tax documents and paystubs. It is important you do not change your financial situation between your qualification and purchasing a home. Anything like car payments, lines of credits, furniture financing will affect your qualifying amount and might inhibit you from getting your dream home. Wait until you have moved in to any big purchases.