If you’re thinking about buying a new home, the best first step is to get pre-approved for a mortgage. Most realtors won’t deal with you if you’re not preapproved. They want to know that you’re a serious shopper.

So, how do you get pre-approved?

This is where we come in! We can help run you through this first step of home buying. When you think you’re ready for pre-approval, we can provide you with guidance for every step of the way, right up until you’re moving in to your new home!

But first, there are a few things that need to be taken into account to ensure that your pre-approval runs smoothly:


Lenders want to ensure you are capable of repaying your mortgage. They will look for verification from your current employer, if you are in a full time position, or for copies of your past tax returns to verify earnings, if you are not full time. We will go over this with you.


Lenders look at a compilation of several factors such as repayment history, number of inquiries for credit you’ve made to lenders (frequent credit inquiries will effect your credit score), and amount of credit you have. Click here for information about checking your credit score.


A minimum down payment of 5% is required for all purchases. There is no longer a no down payment option since the change in mortgage rules that took effect at the end of October (with ECMB you may have options to overcome this obstacle).


This refers to the amount required to cover things such as legal fees, registration fees, title searches, property tax adjustments, etc. Generally speaking, you would be required to have 1.5% of the amount of your mortgage to cover these costs. For example, on a $200,000 mortgage, you would need around $3000 for closing costs.


If you have any questions, would like further details, or think you’re ready to be pre-approved for a mortgage, feel free to call (709) 754-0422 or e-mail us.