REAL ESTATE 101 - Mortgages

Applying For Your Mortgage

The first step is to review your current expenses thoroughly. Find out how much added expense will be incurred in taking on a mortgage. When you apply for your mortgage be sure to bring:

• A copy of the accepted Offer To Purchase and the land survey.
• A salary letter from your employer.
• Self-employed individuals need financial statements for the past three years as well as personal income tax returns.
• Confirmation that your down payment came from your own resources (i.e. bank statements or a gift letter).
• A list of all your assets and debts along with account numbers.
• A copy of the Real Estate Listing if buying an existing home. See your Most Referred® Agent for the listing data.
• Condominium financial statements, if applicable.
• If you are buying a home to be constructed, bring a picture of the property, a copy of the building plans and specifications, the land survey, plus your agreement with the builder.

Your mortgage agent can help you determine how much you can afford (perhaps even obtain a pre-qualified approval), and you've selected a Mortgage that's right for you. This allows you to act quickly when you find the perfect home. As soon as your Most Referred® Real Estate Agent draws up an Offer To Purchase between you and the vendor (this agreement sets the final price and all the conditions of sale), come back to your mortgage agent and your deal is almost complete.

This information is intended as a guide for those interested in finding a real estate agent to assist them with the purchase or sale of a home. It is not intended to solicit services from those who have already signed listing agreements with a licensed Realtor or to act as legal advice. It is always best to take your questions to a licensed real estate professional in your local area. Find respected agents in your area at mostreferred.com. Most Referred Real Estate Agents® and REALTOR® are registered trademarks of their respective companies.