It may seem like it’s becoming more difficult to buy your dream house. Changes to mortgage rules and regulations, high real estate prices, and low inventory have made Ottawa’s real estate market extremely competitive. We’ve seen properties go on and off the market in four days.
Don’t be discouraged, though: At MortgagesMadeEasy.com, we can help you be ready to make an offer on a great home within your price range!
Already talked to your bank? Here’s what they might not have told you:
If you go to your bank to start the mortgage process, your banker will tell you the first step is to get “pre-approved.” But what they may not tell you is that a pre-approval is just a rate-hold—not a binding approval. Your pre-approval protects you from rate increases for up to 120 days and confirms the amount you qualify to borrow based on your proven income (line 150 on your tax return) but does not guarantee the lender will loan you that amount!
If you’re in any of the following situations, your bank may pre-approve you for your mortgage based on stated income, but then later reject you due to lack of income proof or other reasons:
- You have bruised credit history
- You are a business owner or self-employed
- You are paid by commission/tips
- You rely on pension/support money
- You are working two jobs
- You are looking to take out a second mortgage
- You are a newcomer to Canada
- You are on probation
- You are looking to buy an unconventional/commercial property
If you take steps to buy a home based on a pre-approval from your bank, but then are later rejected for your mortgage, you could be put in a situation where you are owing a large sum of money on a tight deadline. When that happens, your banker won’t be able to do much to help you. But MortgagesMadeEasy.com can.
At MortgagesMadeEasy.com, we won’t waste your time with pre-approvals that don’t pan out. We have close connections with more than 30 lenders, including the big banks. We know what information and documents they look for. We’ll ask you the tough questions about your income upfront because it is our goal to make sure the amount you are pre-approved for is the same amount you are loaned. This will help you close the deal on your home fast, without any hassles or surprises.
No matter your situation, we have options for you
Since 1989 we’ve been helping all types of clients get a mortgage. If you don’t qualify for a traditional mortgage with your bank, we have options for you, including our own in-house fund for private lending. Even if you do qualify for a bank mortgage, give us a call, because we’ll beat your bank’s offer. Let us see what we can do for you. Call us at 613-563-3447 or use our contact form.