Are you are tired of paying rent and think it’s time to take the step and buy a house of your very own? You’re probably asking yourself questions like: Where do I start? How much can I afford? Who do I talk to for advice?
  

Come in to Wainwright Credit Union and talk to one of our trained Mortgage Professionals for a mortgage pre-approval. This process will help determine the maximum mortgage amount that you qualify for. This Wainwright Credit Union complementary service can be arranged prior to your looking for a house, to help you establish an affordable price range.
  

Once you have your price range, you and your realtor will have a better understanding of which houses to look at, to save you both time. You will also be in a better position with the seller since you have mortgage pre-approval in place and can move quickly.

Now, how do you get a mortgage pre-approval from Wainwright Credit Union? Make an appointment with one of our Mortgage Professionals and they will be happy to assist you. To help our Mortgage Professionals determine the maximum mortgage amount you can afford, please bring with you a copy of your latest pay stub and a listing of your assets (what you own) and your liabilities (what you owe).

Our Mortgage Professionals will then calculate the maximum payment you can afford based on your Gross Debt Service Ratio (GDS) and your Total Debt Service Ratio (TDS). Once they calculate your maximum payment they can then work with you to determine the maximum purchase price you can afford. At this time our Mortgage Professional will also discuss the closing costs, what you can expect to pay in legal fees as well as other purchase requirements.

With this information in hand, you can go house shopping knowing what price range to discuss with your realtor. Once you find your house you can place an offer on it with confidence. The Offer to Purchase should still have the following conditions:

1. Subject to financing

Even though you have a mortgage pre-approval in place, the home you purchase plays a role. We will need to see the offer to purchase on the house in order to give final approval. If all criteria are met, and the house price and value is within the maximum purchase range, the final approval will come quickly.

2. Subject to a house inspection

We recommend you get a qualified home inspector to check the house so there are no surprise repairs to make after you move in.

3. If there are any other conditions you need to be met, your realtor is
experienced and can help you with these conditions.

At Wainwright Credit Union we will do everything in our power to ensure your home financing experience is a positive one so you too can say, “Wainwright Credit Union is the right choice for my mortgage.”