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How to get a mortgage in 4 steps

How to get a mortgage in 4 steps

Mortgage process overview: 4 steps towards a mortgage

1. Get pre-approved

Talk to your credit union, bank, or broker to find out the maximum amount you could borrow for your mortgage. Lenders decide how much you qualify for based on your credit history, employment status, and income. This way, you can start house hunting knowing how much mortgage you could get.

2. Find your dream home

Set out to find your new home with your pre-approval letter in hand. Once you find a place youlove, arrange a home inspection to make sure it’s in good condition. If everything checks out, make an offer!

3. Apply for a mortgage

When you apply for a mortgage your lender will look at your financial information and the home you want to buy. Together, you come to an agreement about the details of your mortgage, which include:

  • Fixed, variable, or high ratio
  • Interest rate
  • Length of the mortgage term
  • Amortization period
  • Payment frequency

4. Finalize your mortgage

If you’re approved for the mortgage you want, you need to gather and submit these documents to finalize everything:

  • Valid identification
  • Confirmation of income
  • Bank information
  • Lawyer information
  • Copy of the Purchase Agreement
  • Copy of the MLS listing

Once everything is finalized, you’re ready to close on the purchase of your new home.

If you’re not approved, you still have options. Co-ownership is a good alternative.

Meridian’s Family + Friends Mortgage is a great way for families and friends to contribute to the cost of a home.