If you plan on getting a mortgage loan then here are some things that you need to do in order for you to get approved.
1. Know Your Credit Score – It literally takes a few minutes to pull your credit report and order your credit score. But surprisingly, some future home buyers never review their scores and credit history before submitting a home loan application, assuming that their scores are high enough to qualify. And many never consider the possibility of identity theft. However, a low credit score and credit fraud can stop a mortgage application dead in its tracks.
Credit scores and credit activity have a major impact on mortgage approvals. According to the Home Loan Learning Center, a large percentage of lenders require a minimum credit score of 680 (620 for FHA mortgage loans) – and if your score falls below 680, lenders can deny your request for a conventional mortgage loan.
In addition to higher credit score requirements, several missed payments, frequent lateness, and other derogatory credit information can stop mortgage approvals. Pay your bills on time, lower your debts, and stay on top of your credit report. Cleaning up your credit history beforehand and fixing errors on your credit report are key to keeping up a good credit score. Source: Money Crashers
- Employment, salary and bonuses, and any other source of income for the past two years (bring your most recent pay stub, previous year’s W-2 forms and tax returns if possible)
- The most recent account statement showing the amount of any dividend and interest income you received during the past two years
- Official documentation to support the amount of any other regular income you may receive (alimony, child support, etc.) Source: Home Loan Learning Center
3. Get a co-signor – See if a family member or very close friend with a higher income and better credit than yours will cosign a loan for you. That means that the loan will be yours and you’ll be responsible for paying it, but if you don’t, the cosignor will have to pay it. Obviously the cosignor will have to have a great deal of trust in you for this option to work. Source: Michael Bluejay
Ian Klepsch – Duncan BC Realtor
2610 Beverly St Duncan, BC V9L 5C7
One of my real estate service team members is Rod Neighbor with CIBC.
Just to let all of you know that Rod Neighbour our mobile mortgage specialist with CIBC not only has one of the lowest rates in town on the five percent closed fixed loan…2.89% to 3.19% depending on your credit score, he can also still create up to 5% cash back on what you borrow!
If you want to raise your interest rate up slightly, Rod can get you 5% of what you borrow deposited directly into your checking account, tax free, about two weeks after closing.
Sometimes this extra cash can make a deal work when nothing else will come together. If lack of cash has been a delay in you making a purchase, why not give Rod a call and see what the numbers look like for you to get a 5% cash back loan from CIBC through Rod?
If its just a mortgage question or a rate request, Rod is easy to reach and prompt with an answer. My clients have done very well with him.
You can reach him at:
Rod Neighbour Mortgage Advisor
CIBC Retail and Business Banking
I recently created Duncan’s first real estate Meetup group. Duncan Real Estate Networking Group.
Meetup is an online app to help like minded individuals of any topic, to find each other in a geographic area. While searching Meetup for my own outdoor interests I stumbled upon Meetups in Victoria, Vancouver and Nanaimo for real estate. What a great idea.
This is a quick description of the group and its plan:
“This group is for individuals to easily access real estate, mortgage and legal resources and information. My goal is to make house hunting informative and unintimidating for new home buyers and people looking to invest in real estate. Buyers will be able to access this network of resources and data in a welcoming environment be it through this site or when we get together in the months to come. Developers and sellers will be able to get their information of future projects or listings to qualified buyers. We will be able to feature our professional members at each meeting and of course pic a topic(s) of interest posed by members between meetings.”
This site is designed for the home buyers and sellers to get direct access to industry professionals in a friendly forthcoming manner, whether just communicating through the site or meeting at our announced times.
Great Mortgage Rates at Dominion Lending Centers.
Cori keeps me and other REALTORS posted on the current rates by keeping us on her mailing list. Weekly she sends out the posted rates. Cori stresses to clients and REALTORS that these rates do not include further price reductions that applicants may be eligible for. Give Cori a call she will be able to find the rates and terms that suite your income. She will be happy to put you on her email list. Then call me and lets find you the most home for the best price
These rates just sent over today (the date of this post)
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The other day while volunteering again at the Duncan Chamber of Commerce office, I was being tutored by Cori McCaw (fellow member and Visitor Center volunteer), on inventory and process in the Chamber of Commerce Visitor’s Center.
Cori is a Mortgage Broker with Dominion Lending Centers. Cori has helped my clients in the past. She is willing to go whereever and whenever, like a realtor, to get the job done. But what impressed me that afternoon, was the number of lenders she can shop for her clients. Its over 90 different banks!
It was a fun and informative day, I met a lot of people. And it was great to find out my clients are well taken care of when I refer them.
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Here you will find our up to date and immediate list of the Bank Foreclosures and Court Ordered Sales in the Duncan area.
This list is updated upon each posting to VIREB but it is not exhaustive. I can have this sent to you automatically. Call for info.