Qualifying for a Mortgage

We can arrange to have you pre-qualified for a mortgage before you start shopping for a home. It's easy, and you'll avoid possible disappointments down the road if you fall in love with a place, then find out you can't afford it. Plus, once you do find the perfect home, it will mean you can make an offer immediately.

Here's how mortgage approval works: the amount of money you qualify for, plus the amount of cash you can put down equals the amount you can afford to spend on a home. Most lending institutions won't allow more than about 30% of your income to support a mortgage. If you have other debts, they usually won't allow your debts and your mortgage to exceed 40% of your income.

Finalizing your mortgage

Once you've found the home you want to buy, you'll need to finalize your financing. You'll need to provide your lender with the following documents:

1. A copy of the real estate listing of the property. If the home is still to be built, the mortgage lender will need to see the architect's or builder's plans and details on lot size and location.

2. A copy of the offer to purchase or the building contract, if this document has been prepared.

3. Documents to confirm employment, income and source of pre-approval.

4. If you have a pre-approved mortgage, it's a simple matter of finalizing a few details with your mortgage specialist.

Video Library

Video: The Importance of a Local Agent

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When you're buying or selling a home, finding the right agent is half the battle.


To ensure a good experience, you need to work with a professional who knows the area well and can help you negotiate the best possible price.

Email Jackie Peifer