How to apply for a loan?
To apply for a loan, customers need to complete three simple steps. The first one is pre-approval, described above—afterward, verification. Customers will verify their income and assets before getting a verified approval letter. The letter will reinforce their credit eligibility and give them an extra edge when buying a home. Finally, customers need to pass a RateGuard approval. This approval rating will allow customers to lock in their mortgage for up to 120 days. As a result, customers will have time to focus on the home they want instead of considering their monthly payments going up.
As soon as customers are done with these approvals, they will finally get the required amount and have an opportunity to use it as needed.
Requirements
Butler Mortgage has relatively lax requirements for potential customers. However, they can face other requirements that lenders have regarding who the company works for. Nevertheless, to be approved for one of the mortgage types provided by Butler Mortgage, customers need to be at least 18-19 years of age; be a Canadian citizen or at least be a resident of Canada; not have any unmanageable form of debt such as bankruptcy; be able to provide at least a 5% down payment on the home.
Generally, that is the whole list of requirements the company has, but if customers fail to meet at least one of these conditions, they will have significant difficulties getting a loan. Also, the company asks customers to provide a package of documents such as a government-issued form of identification; proof of income: pay stubs and letters of employment will be required; credit report: authorization for the company to pull their credit report will be needed, and a list of debts and assets to prove that they will be able to repay the loan.
Application details
According to the company’s website, the application doesn’t take much time, and customers can have it done within several minutes. The first pre-approval form contains several questions. Customers must enter their name, mobile phone number, email, credit rating, purpose, approximate amount, and comment. Afterward, they will need to click the “Submit” button.
After this form, the company will need to verify more information, such as customers’ income or credit scores. Then, after pre-approval, customers will need to pass two more simple steps that will let them be approved.
