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Purchase Mortgage

Looking to Purchase a Home and Need a Mortgage?

Why Use a Mortgage Broker?

When purchasing a home, working with a mortgage broker offers several advantages over going directly to a bank:

  • Access to a Wider Range of Lenders: Mortgage brokers have relationships with numerous lenders, allowing them to access a broader range of mortgage products and rates.
  • Expert Guidance: Brokers can provide valuable advice and guidance throughout the mortgage application process, ensuring you make informed decisions.
  • Negotiation Skills: Brokers are skilled negotiators and can help you secure the best possible terms and rates for your mortgage.
  • Time-Saving: Brokers can handle much of the paperwork and administrative tasks, saving you time and effort.

Insured vs. Uninsured Mortgages

Mortgage default insurance (MDI) is typically required for mortgages with a down payment of less than 20%. This insurance protects the lender in case you are unable to repay your mortgage.

  • Insured Mortgages: These mortgages require MDI, which is typically included in your monthly mortgage payments.
  • Uninsured Mortgages: These mortgages do not require MDI, but you’ll need a down payment of at least 20% to qualify.

Debt-to-Income Ratios

Lenders use debt-to-income (DTI) ratios to assess your ability to repay a mortgage. A lower DTI ratio generally indicates a stronger financial position and increases your chances of qualifying for a mortgage. Your DTI is calculated by dividing your total monthly debt payments by your gross monthly income.

Fixed, Adjustable, and Variable Rate Mortgages

  • Fixed-Rate Mortgages: The interest rate remains constant for the entire term of the mortgage, providing predictable monthly payments.
  • Adjustable-Rate Mortgages (ARMs): The interest rate can change periodically, typically based on a benchmark index. ARMs can be more flexible but also carry the risk of higher interest rates in the future.
  • Variable-Rate Mortgages: Similar to ARMs, variable-rate mortgages have interest rates that can change. However, they often have more frequent adjustments.

Our Mortgage Pre-Approval Process

At Whiteridge Mortgage, we offer a streamlined mortgage pre-approval process:

  1. Initial Consultation: We’ll schedule a phone call to discuss your financial situation and home-buying goals.
  2. Online Application: You’ll complete a brief online application providing essential information.
  3. Document Gathering: We’ll collect necessary documents, such as proof of income, credit reports, and tax returns.
  4. Qualification and Breakdown: We’ll analyze your information and provide a comprehensive breakdown of your eligibility, including:
    • Pre-approved mortgage amount
    • Estimated closing costs
    • Recommended lenders and rates
  5. No-Cost Process: Our pre-approval service is completely free.

By working with us, you can get a clear picture of your mortgage options and be better prepared to make informed decisions when purchasing a home.

Choose Between Our Standard or Express Mortgage Process

Transparent fees. Enjoy our services at no cost in most cases. Any potential fees will be disclosed clearly.

Standard
Process
Express
Process

Option 1

Standard Process

Step 1: Book a Call

Schedule a quick call to discuss your mortgage needs. This will help us understand what documents we will need to request along with your application. This helps streamline the process and minimize delays.

Step 2: Online Application + Document Submission

Complete our online application and submit the required documents for review. We've provided detailed instructions on how to obtain and prepare these documents to ensure a smooth process.

Step 3: Receive a Full Breakdown of Your Current Situation

Within 24 hours, we'll review your application and provide you with your maximum mortgage amount, along with other important details like closing costs, lender recommendations, and next steps. To ensure complete understanding, we'll include a video explaining your report in detail. Watch it as many times as you need.

Option 2

Express Process

Step 1: Online Application

Complete our online application and wait for a team member of ours to review the application and compile a list of documents we need to review your file.

Step 2: Receive List of Documents Needed

Receive a detailed breakdown of all documents required for your application. We'll provide clear instructions on how to obtain and prepare these documents.

Step 3: Receive a Full Breakdown of Your Current Situation

Within 24 hours, we'll review your application and provide you with your maximum mortgage amount, along with other important details like closing costs, lender recommendations, and next steps. To ensure complete understanding, we'll include a video explaining your report in detail. Watch it as many times as you need.