Purchasing your home is one of the biggest and most important decisions that you can make. Tammy Wandzura your Trusted Saskatoon Mortgage broker and the team at Elite Mortgage Choice believe that buying a home should also be an exciting experience with little to NO stress. By trusting your Mortgage Broker, you are ensuring that any stress you may have had in previous encounters can be eliminated!
Tammy truly believes that all you should have to worry about is opening the door to your new home for the very first time.
Trusted Saskatoon Mortgage expert from TMG share what does a mortgage pre-approval really mean?
From her Saskatoon Mortgage Blog
What does a mortgage pre-approval REALLY mean?
For most people they assume if they have visited their bank and the bank has told them they are “PRE-APPROVED” that means they can go shop for a home and will be guaranteed an approval as long as they stick within their pre-approval amount-RIGHT?
Also, most people simply want the best rate and the best service
Again, assuming that the bank that you have worked with for years is offering the best rate available on the market-RIGHT?
This is not the case at all
In my experience (13+ years) we get calls every single day from clients that were “pre-approved” at their bank and now that they have an accepted offer on a home the bank is saying that they cannot get the file approved.
How does this happen?
How do you know if you are being taken care of?
Did the pre-approval process seem too easy?
Did you provide any paperwork?
Did the banker talk to you about your credit bureau report?
The simply truth
The difference between an approval or decline once you have spent your precious time searching for the perfect home is the lenders due diligence to ask the hard questions up front.
The Canadian government and CMHC have rolled out new rules year over year and programs that may have been available previously may not be available or may not be as easy to get an approval.
If your loans officer is new to banking or too busy to take a deep look at your file at application time you may run into the same problems we see everyday.
How can you ensure your best interests are being taken care of?
Call your Accredited Mortgage Broker OR Apply online
We work day in and day out on mortgages.
We are not responsible for meeting targets, setting up bank accounts, selling you insurance, setting up investment accounts and so on.
We are required to take continuing education annually to stay up to speed with market changes and rule changes.
We work with our lenders & insurers (CMHC) as partners every single day and we know exactly what they will do, what they won’t do and what they may entertain as an exception.
**There is no cost to using a Mortgage Broker on a traditional purchase, refinance or renewal
The process can be simple….just not TOO easy.
Apply online by clicking this link or visiting www.elitemortgagechoice.com
We will be in touch in 24 hours or less
We will have a few additional questions for you that the application does not touch on
We will review your credit to ensure that it meets the minimum requirements of the lender(s)
We will collect paperwork up front. That may mean income documentation, proof of current mortgages that you may have, proof of separation or divorce, proof of child support and so on.
These are all documents that any lender will need once you find a home.
We have found our process to be easy and simple. Collecting & reviewing the documents up front to ensure we have everything we need.
In most cases you will have your pre-approval in less than 24 hours.
A pre-approval does not mean that you can guarantee 150% that your application will be approved. None of the lenders in Canada have time to review every pre-approval. They trust us and our experience to advise you of what you will and will not qualify for once you find a home
Why does the bank need to know that?
I often receive feedback from clients wanting to know why the bank needs to know your marital status, how many children you have, where your downpayment is located (savings? gift? sale of car? etc)
Keep in mind- the lenders are looking at lending you hundreds of thousands of dollars to buy a home.
A mortgage application= full disclosure
The more accurate information we have up front; allows us to prepare a strong and complete file.
This allows for speedy approval and turn around time once you actually find the perfect home!
Customer service is simply not what it used to be.
You do not buy a home everyday.
Even if you have purchased numerous properties the rules have likely changed many times just recently.
Let me assist you in making your dreams come true, keeping it simple all while providing outstanding customer service.
Have an amazing end to your summer and never hesitate to call or email with any mortgage inquiries.
~~Tammy Wandzura, AMP Mortgage Broker
Here are a few recent examples of bad advice given by other banks or brokers: (Do not risk this type of disappointment- call our office today 306.933.3386)
1- Client is given a pre-approval. Spends weeks with her Realtor looking for the perfect home. An offer is put in and presented to the bank. The bank declines the client within 24 hours. The bank advises the clients that they assumed that since they were putting a large 20% downpayment there should be no issue with the approval. This of course is not the case as the husband has never built his credit, and although he has a healthy income – his income cannot be considered because his credit does not qualify under the minimum required guidelines. The lender then suggested the client contacts a private lender! This will mean the client could pay upwards of 10% interest and 2-3% in fees (upwards of $10,000.00). Luckily the client called us!
**Our solution: We were able to use a portion of the large downpayment to pay down her debt – allowing us the opportunity to eliminate high monthly payments and thus giving us more room for mortgage approval with a lower downpayment. In our world this is an easy solution; but due to inexperience on a branch level was not offered as a solution. The client will now receive the best market rates with one of the traditional A+ lenders!
2-Client applies online. It comes to our attention that his income is non-traditional. He gets paid differently on the type of job he is sent to by his employer. His base salary is healthy but he makes much more with overtime, shift differentials etc. He has been with his employer for less than 1 year. This means we are forced to use his base. If he had been at his employer for 2+ years we can use a 2 year average to encompass that extra income. We advised and provided some options/solutions and guidance. The client responded that he has gone to another broker who had no issue with his request and is using the higher income & doesn’t require “full disclosure”
**The outcome: The outcome is simple. Once he finds a home and the file is submitted to the lender and the insurer – further questions will be asked (the same ones we asked) and he will not be able to provide the lender what is required for approval.
Call Tammy Wandzura today at 306 933.3386 for all of your Saskatoon mortgage needs OR visit www.elitemortgagechoice.com
Make an appointment with Tammy Wandzura at TMG, #1-511 1st Ave N or check out her listing on the SASKATOON DIRECTORY in the SASKATOON MORTGAGES Category..she is a Trusted SASKATOON MORTGAGE BROKER Expert!
Listen to Tammys current Radio ad here! http://www.elitemortgagechoice.com/wordpress/wp-content/uploads/2012/02/SP0085.mp3