You would think that the most important element of the home buying process would be choosing the right condominium or home for your family in the neighbourhood of your choice. But, because this purchase usually means that you will be paying into a mortgage for the next couple of decades, most people find out that getting approved for the right mortgage is actually much more crucial in the long run. You may find out getting the home in your neighbourhood of choice is not realistic financially. So, you want to make sure that you're doing everything correctly when filling out your mortgage application so that you can really get the right deal for your unique financial situation. Here are some tips to help you do that.

The first thing you will want to do is make sure that you have all of the information needed before submitting your application. Some people think that if you still haven't received some of the documents that you need than you can just add it on to your application later while you're already looking at properties. But the truth is that more and more lenders are now saying that you are not allowed to change or alter your application in any way between submitting it and them reviewing it. And if you are allowed to refile the paperwork it will be put at the back of the list and you'll need to wait even longer for an answer.

You should also be diligent to make sure all of the information included in your application is current and accurate. If it's listed that you have an outstanding payment for a car or that your credit history is not the best you will want to make sure that these things are taken care of and properly filed before submitting your mortgage application. You don't have to be dealing with large mortgages for your application to be denied because of a few negative numbers. So, take the time to review all of the information that's being added to your application.

When you're deciding on a mortgage you should remember that there are many different lenders that you can work with as well as plans being offered within those institutions. Spend some time looking at the differences between a mortgage broker and one with your bank before deciding which is the right place for you to apply with. If you're not sure then you can take the opportunity to work with a mortgage broker and they will help you assess what you need to get one of the new homes or cottage and help you find the right lender and mortgage plan for you. This is sometimes the best choice for those who are not great with comparing numbers.

Here are some companies to contact in Canada's major centres:

Looking to buy in the GTA, specifically Etobicoke? Contact Easy House Loan (visit here)
BC Private Mortgages can assist you with mortgage applications in Vancouver.
For more information on obtaining a mortgage in the city of Calgary, contact AW Capital.

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