While securing a loan can seem overwhelming, there are a few things you can do (and a few things you should avoid) to ensure an easy mortgage process.
- Advise your Mortgage Broker if there are any changes in the information you’ve provided. This could include job, salary, address or any other factors that would affect the loan process.
- Keep records of all bank transactions, especially if you transfer large amounts from one account to another.
- Get homeowner’s insurance with coverage equal to the mortgage amount or replacement value of your home.
- Ask any questions you have and communicate all important information.
- Change jobs if possible. It’s usually more desirable to show at least a two-year work history and a new job could affect that.
- Change your overall asset picture. This could include changing investments, opening/closing accounts, or making unexplained large deposits.
- Consolidate credit cards or get any new lines of credit. This can affect your debt-to-income ratio negatively.
- Make any significant purchases during the mortgage process.