Finally, you are looking for a home, but what can you afford? What you need to know is that getting PRE-APPROVED for a mortgage in Kingston can help you:
Leo will help you get pre-approved mortgage depending on the information and supporting documents you provide. Leo and his team will get you the best interest rate just within 24 hours from multiple lenders. Leo works for your best interest and his sole purpose is to find you the BEST mortgage at the BEST rate available to you TODAY.
5 C'S OF CREDIT
Do You Qualify?
I deal with 50 different lending institutions including most major banks.
When deciding whether or not you qualify for a mortgage lender in Kingston follow the 5 C’s of Credit.
FREQUENTLY ASKED QUESTIONS
Pre-Approved Mortgages in Minutes
Each year we help hundreds of people qualify for pre-approved mortgages in Kingston. Prior to being pre-approved, many of these applicants have had similar questions about the pre-approval process. In order to provide you with a better understanding of the process and what information is required from you, we’ve compiled some answers to the questions we frequently receive. If you have any other questions, feel free to contact us today. Our trusted team is available to help you understand the mortgage pre approval process.
We’re also available to get you started with our quick mortgage approval process to get your home buying experience simple and an enjoyable experience. Once you’re pre-approved, you can begin looking for that dream home, or if you’ve found the home you can start the offer process! Read more below on some of our most frequently asked questions about getting started.
Common Questions First-Home Buyers Ask
Qualifying for pre-approved mortgage is not a frightening or stressful task. In order to be pre-approved for a mortgage in Kingston, you need to demonstrate your ability to make regular payments on time and repay the loan in full. During your meeting with Leo Ragusa, he will use a combination of documents you provide as well as your sense of character to determine how much you qualify for.
Essentially, in order to be pre-approved for a mortgage in Kingston, you need to demonstrate the following:
- Proof of income
- Proof of assets
- Good credit
- Employment verification
Leo recommends you to pause all major purchases and job changes until you close on your home.
In order to get pre-approved for a mortgage in Kingston, you will need to meet with a mortgage agent or broker (aka Leo Ragusa). You can also go to a bank but Leo recommends against it. When you go to a bank, you might not get the best rate and need to go to multiple banks before you get a rate you’re comfortable with.
With an experienced and trained mortgage professional like Leo Ragusa, you get multiple offers right in your inbox. During this meeting, he will go over your finances and determine how much money you can afford to borrow and purchase a home. Leo will also look at things such as your debt to income ratio, your collateral (the property you are buying) and your overall character and the impression you give. Leo and his team is here to help you reach your financial goals through real estate.
If you are ready to begin the mortgage pre-approval process, we will require certain information to determine what you qualify for. There are several financial documents you will need to provide prior to applying for mortgage pre-approval. These documents include:
Social Insurance Number: You will need to provide the social insurance number for anyone being named on the mortgage loan. This is needed to verify your identity and pull credit history.
Proof of Employment: These documents are used to prove that you are currently employed and able to repay your mortgage loan. In most cases, we will need employment history for the past two years (at minimum) including employer’s name, mailing address and phone number.
Proof of Income: This is required to validate your annual income and show the ability to pay back your mortgage loan. Credit and Debt Information: We need to be aware of any outstanding loans and debts you are currently repaying. This includes things like credit card debt, car loans, student loans, etc.
Banking Information: You will also need to provide a recent bank statement to show what you currently have saved. This show you have enough money set aside to make a down payment and pay the closing costs.
First-time home buyers need 5 percent down payment for a property under $500,000 and 10% for the remaining amount. For self-employed professionals and those with bad credit, you will have to put 20 percent towards down payment.
To collect the amount, you can use your savings or receive monetary gifts from friends and family. You cannot get another loan to meet the down payment requirements.
Home buyers who’ve put less than 20 percent down payment will have to get a mandatory mortgage insurance from CMHC, Sagen, or Canada Guaranty.
When you get pre-approved with Leo Ragusa, you lock the rate for up to 120 days, depending on the lender you choose. If the mortgage interest rate increased during that time, the hike doesn’t impact you. The rate stays the same until it’s time for a mortgage renewal. This is one of the main reasons we highly recommend you get pre-approved and lock in a lower interest rate.