Broker vs. Bank / Credit / Debts / Documents / First Time Home Buyer / Mortgage Renewal / New to Canada / Pre-Approvals / Purchase / Qualifying / Rates & Terms / Rental Properties

The mortgage process in 5 steps

 

1. Talk to the MortgageGirls

We will ask a series of questions relating to your family income and assets, the size and source of your down-payment as well as your other monthly debts. This will allow us to determine your financial profile so we can then discuss purchasing a property and your borrowing goals relating to a mortgage. We will answer any questions you may have and provide any other additional mortgage information you would like. We will then work together to design a mortgage that fits your lifestyle and financial goals.

2. Get a pre-approval

After we have had a preliminary conversation, we will either take your application information over the phone or ask you to fill out an application via fax or email for us. At this time, we will request your signature in order to pull your credit bureau. Since we have discussed what kind of mortgage best suits your needs, we will submit your application to a lender for a pre-approval. Whether it is verbal or a written rate-hold from the lender, a pre-approval will give you an idea of your maximum purchase price when you are shopping for a new home. Most rate-holds vary from 30- 120 days. Keep in mind, a pre-approval is just the lender giving you a thumbs up, the lender still has to review the property and supporting documentation before your mortgage is a sure thing. If you are unable to get a pre-approval from a lender right now, the MortgageGirls will work with you to estimate a reasonable purchase price that we can present to the lender.

3. Happy House Hunting!

Now that you know what the upper end of your price range, you can go shopping. Whether you are working with a realtor or not, it is always important to know what you are buying, so ensure you have an inspection and a financing condition on your Offer to Purchase. If you are thinking of doing a private sale, make sure you speak to a lawyer or realtor so your best interest is protected. Then, Once you have an accepted offer, you can send that over to the MortgageGirls along with a feature sheet that describes the property.

4. Review your Mortgage Approval & Satisfy Conditions

Once your lender has approved your property, you will get a mortgage commitment that we will review with you. Depending on the amount of your down-payment, a property appraisal may be required in order to confirm the property’s value. Your Mortgage approval will outline what documents you need to provide in order for your mortgage to go through. We will review exactly what is requires in order to satisfy all the lenders conditions.

5. Sign final documents at the lawyers

Our job is done! Once the lender has accepted all of your supporting documents and you have agreed to the terms of your new mortgage, your lender will send instructions to your lawyer. The lawyer will have to do some leg-work in order to get the funds from the lender. Once the money is transferred to the seller, the property is yours. Welcome home!

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