How to Get Approved for a Mortgage in 5 Easy Steps
Posted by Kevin Klein on
Whether you’re a seasoned homeowner or a first-time home buyer, navigating the mortgage process can be downright daunting if you don’t know what to expect ahead of time. Don’t worry, we’re here to help!
Here is the start-to-finish mortgage process, summed up in five simple steps.
1. Ready Your Down Payment
To purchase a home in Edmonton (or anywhere else in Canada), you’ll need to come up with the mandatory 5% down payment. While we understand it can be tempting to move ahead as soon as you’ve scraped together the minimum (after all, it can take months or years), keep in mind, the larger your down payment, the more affordable your mortgage will be in the long run.
Mortgage lenders also tend to look more favourably on larger down payments.…
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