Purchasing a home is one of the most extortionate tasks the middle-class person will do in their lifetime. A mortgage is generally viewed as the default way to finance a home in Surrey, BC but getting a mortgage isn’t always easy, especially when you are a first-time homebuyer.
Although not all mortgage applicants are perfect, and in fact many wonder if they can even get approval for a Mortgage for Home Purchases in Surrey.
First Time Home buyers in Surrey, BC normally have three different points that they can pull to increase their chances of a mortgage approval: income and debts, credit score, and assets.
So, When you’re sturdy in all three categories, you’re more than likely to be approved for a mortgage.
Also, If you’re weak in one area yet strong in others, you still have a good chance of approval. The rules are often flexible and you will really not know if you’re qualified until you apply.
As a first time home buyer, getting the mortgage approved is one of the most crucial steps. From the size of downpayment to the credit score, there are many elements that can have an impact on your chances of approval.
In this article, We will be walking through the various tips to improve your chances of mortgage approval as a first time home buyer.
But first, let’s understand what a mortgage is and how it works. A mortgage is basically a loan given by a bank/ third party to the borrower for buying property and to pay for repairs or improvements if necessary. The borrower pays back the loan with interest over many years with monthly payments which depend on the type of mortgage product selected by him/her.
The process of mortgage approval as a first time home buyer can be intimidating, especially because of the high cost. If you are planning to buy a new home in Surrey, BC do contact Alpha Mortgage House Corporation- the best mortgage broker in Surrey BC. We will guide you with the best advice and help you to get your mortgage approved easily.
Alpha Mortgage House Corporation is a Mortgage Broker in Surrey, BC. We provide mortgages for Home Purchases, Project financing, Second mortgages, Commercial mortgages, Mortgages for first-time home buyers and more. Alpha Mortgage is a one-stop solution for all your mortgage needs. Our team works with top lenders to provide you with the best financial options.
My husband and I purchased our first home in Surrey BC. It was so difficult for us to understand the mortgage process, but thanks to Sukh, he was so knowledgeable and immersed and made things easy for us. Everything went so smoothly, we had our dream home at the lowest possible interest rate in Surrey BC.
We recently contacted Sukh Bhatty to refinance our home in Surrey BC, and he was so genuine and helpful. Sukh is very professional and was responsive throughout the entire paperwork process. We will surely recommend Alpha Mortgage and Sukh Bhatty to our friends and relatives in the future.
I’d highly recommend Sukh Bhatty to anyone. He has been incredibly helpful to us over the years.
I would highly recommend Sukh and Alpha Mortgage House to anyone.