- I found the perfect home, what steps need to be taken to secure a loan?
If we have not already done a hard pre-approval for you, then the first step is to complete a loan application. This can be done online, over the phone, or in person. Regardless of which way we do it, we’ll need documentation from you. One of our team will assist in advising you what specific documents will be required. During the application process we will also order a report on your credit history, complete a thorough credit application, and then review all your options with you. We'll make it easy, promise!
- How do I choose the best loan for me?
Your personal situation will determine what type of loan is best for you. There are a few questions you can ask yourself to help narrow down your options.
- Do you expect your finances to change over the next few years?
- Would fluctuations in your monthly mortgage payments trouble you?
- Do you want to own more than one property in the future?
- Are you planning to live in this home for a long period of time?
- Do you wish to be free of mortgage debt as your children reach college or as you hit retirement?
Your answers to questions such as these will help us decide which loan best fits your needs
- How do you determine the best loan amount for me?
We consider your debt-to-income ratio, which is a comparison of your gross (pre-tax) income to housing and non-housing expenses. Non-housing expenses include long-term debts such as car or student loan payments, alimony, or child support. We take those numbers and correlate an affordable mortgage amount, but more importantly, one that’s comfortable for you. Once again, this is something that is done during the hard pre-approval stage.
- What happens after I’ve applied for my loan?
Once we have completed the application and gathered the supporting documents, we assess the best lender and submit your application to them. Response time is usually anywhere from one day to one week depending on how busy the lender is and the complexity of the application. If we require further information, the sooner you can provide it, the faster your application can be approved and subjects removed. Once we have an approval, we will set up an appointment to review it with you and ensure that you are satisfied.
- What is an Appraisal Review?
Whenever a property has less than 20 percent down and is CMHC or government insured, the insurer will pay for the appraisal. However, when you have more than 20 percent down, a lender is more than likely going to ask for an appraisal, and that’s a cost you’re going to have to cover.
The Auxilium Team offers a complimentary consultation to start your home buying process; contact us today at 250-590-6520 (toll-free 1-855-590-6520). You can also visit us at 307 Goldstream Avenue during regular business hours. We can arrange an appointment evenings or weekends, to work with you.
Auxilium Mortgage Corporation is based in Victoria, BC and works with clients locally and across Canada. The Auxilium team has over 100 years of combined financial experience and access to dozens of lenders to help you meet your goals.
This post reflects the best available information at the time of writing/last update. In order to ensure that you have the most up-to-date information, contact us to confirm the details for your specific situation.
Updated March 2018
This list originally appeared as part of 35 Questions to Ask When Buying a Home. See the entire updated list:
3 Questions to Ask When Buying a Home
7 Questions to Ask About House Hunting When Buying a Home
6 Questions to Ask About Financing When Buying a Home
4 Questions to Ask About Your Credit When Buying a Home
3 Questions to Ask About Mortgage Payments When Buying a Home
2 Questions to Ask About Insurance When Buying a Home
5 Questions to Ask About Closing Details When Buying a Home