Edmonton Condo Community Discusses How to Acquire a Mortgage

The purpose of this press release is to provide prospective condo owners with helpful information on how to acquire a condo loan. The Edmonton Condo Community stresses that pre-approval is a key component of the process of obtaining a loan for Maxx Urban or other Edmonton condos. End Quote

(1888PressRelease) January 29, 2013 - Condo loans are more difficult to obtain today than they were a decade ago during the real estate boom. This is why going through the pre-approval process is well worth the time for prospective condo owners seeking an Edmonton mortgage. Experts in the Edmonton Condo Community have outlined some steps that people would be well-advised to take when applying for a loan for a Maxx Urban Condo.

Obtaining a pre-approval letter lets a seller know that a buyer is serious about purchasing a condo. Prior to going through the process of visiting condos and choosing the perfect one, it vital that the buyer have a pre-approval letter in hand to avoid missing out on a contract. Additionally, a pre-approval letter obtained from the lender will let the buyer know the size of loan for which he will qualify so that he can stay in that price range when looking at condos for sale.

When reviewing prospective buyers for Edmonton condos, mortgage lenders look at more than just their income when determining the size of loan they are willing to pre-approve. Lenders use a formula which also takes into consideration the buyers' debt-to-income ratio. This is how much net income, after taxes are taken out, the buyer needs for regular living expenses and to make monthly payments on existing debt.

Edmonton mortgage experts advise buyers to contact at least 3 different lenders in order to get the best deal on a loan. When starting the pre-approval process, the buyer will need to have certain documents ready including income statements and tax returns for the past 2 years, bank statements for 3 months, proof of any other sources of income and recent pay stubs. For more information please visit: http://www.livemaxx.ca.

About the Company:
Maxx Urban Condos are located at 10518 113 Street in Edmonton, Alberta, Canada. Detailed information about the building, room suites, condo amenities, special features, various floor plans and a gallery of pictures can be found at http://livemaxx.ca/uncategorized/.

###

Visit Maxx Urban Condos Website

space