How to get Mortgage Pre-Approvals

Depending on who you have chosen, for your Edmonton REALTOR®, the brokerage may have several in-house mortgage brokers to help you or you can make an appointment with your current financial institution with a mortgage specialist.

A mortgage pre-approval is the mortgage underwriting approval process, which consists of gathering all necessary paperwork, prior to house shopping. This paperwork will consist of the last two years of your T4's or last 3 years if you are self-employed, most recent paystub, confirmation of downpayment and closing costs, all debts including support payments, charge card debts and vehicle payments, other income, and any other relevant documentation.

Once all of the paperwork is gathered, it is sent to the underwriter who will review it, check your credit and take into consideration any other factors which will affect your debt ratios.

REAL ESTATE TIP: When you have completed your pre-approval process, this does not guarantee you will be approved for your home. If anything changes or if a "surprises" arrives prior to possession of your new home, your financial institution can still pull your mortgage approval.

If you are putting less than 20% down you will need to pay a CHMC Fee. This is an insurance fee for your financial institution and can be rolled into your mortgage. Rule of thumb. The higher your down payment, the lower the CHMC Fee.

If your credit is border-line, it is great to have a mortgage broker who has personally met you and is willing to vouch for you to the underwriter if needed. All mortgage lenders have, at least internally, a turn time." That is simply the time from submission to underwriter review and their decision. The turn time can be affected by a number of factors big and small. However, if you go to a big bank you can expect a more lengthy approval process and may not make your condition deadline. It is what they do. Let your agent know whether you are using a mortgage broker or someone at your financial institution.

Once the underwriter has had time to review the documents, they will typically issue one of three dispositions - approved, denied or suspended - to your application. If approved underwriting will typically assign a set of conditions you will need to clear to obtain full approval. Clarification on a late payment, a large deposit, past life transgression or simply a missed signature here or there is normal requests. If suspended, which is not completely unusual, underwriting is confused and needs clarification on something.

REAL ESTATE TIP: Once you have approval from your bank, ask them to send you and your real estate agent something in writing.

Posted to CFB Edmonton Garrison?

Welcome to Edmonton Canadian Armed Forces Base

CFB Edmonton Garrison is also known as the "Steele Barracks". It is located a few minutes north of Edmonton in Sturgeon County and there are plenty of homes to choose from on your house hunting trip from no-maintenance condominiums for a simpler lifestyle to newer houses that have recently been constructed over the last few years to quiet family-oriented properties with large lots in nearby towns. Book your Edmonton House Hunting Trip.

Morinville Alberta has always been an attractive place for our DND members to purchase a detached home due to the house prices and the commute to CFB Garrison. Morinville is a growing community and over the last few years has become more popular for civilians and our aging population which has increased real estate values. It is located less than ten minutes from St. Albert which is now the second-largest city in the Edmonton Metropolitan Region.

There are still a few nearby towns that are more affordable for our younger military members and their families offering the small rural hometown ambiance. These towns include Bon Accord, Gibbons, and Legal. A bit further northwest of our city is another desirable place for our DND members to purchase property on house hunting trips in the city of Fort Saskatchewan which offers all municipal amenities. One of the main features of Fort Saskatchewan is one of the largest metropolitan river valley park systems in the world.

If you prefer the city life but want to stay within minutes of our military base, view our homes for sale in Northeast Edmonton or add a few more minutes to your commute and live in Northwest Edmonton. Popular military districts include Pilot Sound and the Lake District.

If you are posted and would like a jump start on your house hunting trip, contact us and we will set you up with a customized property search that will save you time and eliminate those undesirable houses once you arrive.

Book your HHT with our Edmonton BGRS approved REALTORS®