Tom Mullen

Mortgage Tip: 🏠

Having paperwork gathered and in order in advance can help you prepare for the application process.

Some examples of documentation you will need to apply for a mortgage include:

-> T4's
-> Paystubs
-> Bank statements
-> Tax returns
-> Proof of assets
-> Investment account statements

Mortgage Tip: 🏠

Once one gets pre-approved, this is the maximum amount a lender is willing to lend the applicant based on their current overall financial situation.

However, if you get pre-approved for a higher amount than you were budgeting to spend on a new home, avoid using up the entire loan. Make sure you think about your situation and if it makes sense for you!

Mortgage Tip: 🏠

Most buyers work with a real estate agent to have a professional as their advocate throughout the home-buying process. They help buyers in a lot of ways, including finding suitable properties and negotiating a fair price.

If you don't know who to work with, we know some excellent and experienced real estate agents who would love to assist you! Let us know if you would like us to help you with this!

Mortgage Tip: 🏠

Keep all your monthly obligations (i.e. credit cards, loans, homeowner's insurance, and mortgage payments) at less than 42% of your gross income as a general rule of thumb.

This will help you have all your obligations covered, while also having money left to pay for other expenses and save up!

Common mortgage mistakes to avoid:

Do NOT make large credit card purchases!

Common mortgage mistakes to avoid:

Do NOT get behind on your bills.

Common mortgage mistakes to avoid:

Do NOT spend all of your savings!

Mortgage Tip: 🏠

When saving up for a down payment, here are some tips to help you budget and reach your goals:

-> Avoid bad spending habits
-> Avoid spending money on non-essential items
-> Look into down payment assistance
-> Pick up a side hustle
-> Continue paying off credit debt (especially loans with high interest to save money)

Common mortgage mistakes to avoid:

Do NOT buy or lease a car!

Common mortgage mistakes to avoid:

Do NOT quit your job, change jobs, or become self-employed until after closing day.