Getting approved for a mortgage can be a tedious process depending on various factors. When searching for a mortgage, most people think about going to the nearest branch of their bank.
They normally have excellent customer service and deliver exactly what you require. But when it comes to mortgage applications, oftentimes banks take too long and demand document after document.
Before you know it, it’s been weeks yet you’re still stuck on the application process. If you want to get approved quickly, there are certain things you need to do.
Requirements to get approved for a mortgage
The minimal requirements for your down payment, credit score, and debt-to-income ratio are determined by the type of mortgage you’re asking for.
To qualify for a mortgage, you must first demonstrate that you consistently earn money. That means having enough consistent and regular income to handle all of your bills and financial commitments, such as loans, credit cards, credit lines, support payments, and the new mortgage payment and property taxes.
One of the most important factors of acquiring a mortgage is ensuring you have a good credit score and income. Your credit score has a huge impact on the kinds of loans and interest rates you will get. Make sure your credit report is free of errors that could affect your credit score.
Keeping track of your credit score and monitoring your credit is a great way to ensure your credit rating is on the right track. Alongside a good credit report and the right documentation, you also need to ensure you have the right lender.
Get Approved Within 24 hours With Freedom Capital
At Freedom Capital, we specialize in commercial, construction, and private financing options. We provide the best alternative lending route to your unique financing needs, from debt consolidation to equity takeouts to self-employed mortgage; we specialize in and cover an extensive range of alternative lending private Brokerage Financing.
We positively respond to previously declined mortgage applications outside the conventional lending box. We believe every person deserves a second chance or even more diverse financing options.
Freedom Capital has an extensive network of lenders who are always ready to approve mortgages immediately, no matter how complex they may be. Our private financing experts will help you every step of the way to secure approval for a private financing loan in as little as 24 hours*.
If you need easy access to immediate funds, then you’ve come to the right place. At Freedom Capital, we have a unique process through which your mortgage will get approved seamlessly.
No need to wait for weeks for you to receive your finances, in a matter of days, we will hand you your required funding.
Whether you’re self-employed, new to Canada or simply faced losses in your business due to the pandemic, Freedom Capital can help you get the mortgage you need. If you need help with your mortgage, want to talk to someone, or want to apply for a mortgage.