A Mortgage Shoppers To-Do List

March 1, 2016

A Checklist for mortgage shopping

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Prior to shopping for a new home, it is important to get a preapproved mortgage lined up several weeks in advance of closing. You also want to look at what mortgage brokerages are offering. Often you can find a competitive rate with excellent terms offered by an advisor who offers mortgages.

Often the mortgage rates advertised by your bank are higher than rates that can be found by a mortgage broker. Also avoid restrictions on making lump-sum payments and/or high fees if you need to leave the mortgage prior to renewal.

Mortgage Shoppers Checklist

  • If you own a current home, get it evaluated
  • Get your credit score from Equifax or allow a brokerage to acquire it
  • Taxes and assessments from the last two years
  • Careful accounting of your household income
  • Assess your liabilities, such as credit cards and loans
  • Assess your assets, held in investments and savings accounts
  • Have enough for a down payment on hand
  • Also have enough cash for closing expenses for legal fees, mortgage and title insurance, and transfer taxes
  • Budget for extras such as buying new appliances, or condo fees if applicable
  • Research the meaning of mortgage contract terms as it applies to each specific company offering a lower rate. Know about:
    • Variable rates
    • Fixed rates
    • Open versus closed mortgage
  • A line of credit works well if you are going to renovate

 

 

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