The Mortgage Process
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What? |
Who? |
Details |
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Review Mortgage |
Applicant |
It's always best to do some research yourself on what's out there. We love an informed client but we also love educating and providing guidance! |
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Mortgage Agent
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Mortgage Broker |
Introductory conversation to determine your needs. |
| Apply |
Applicant |
Complete the application to get started. Application will ask information such as current income, credit score, debt load etc… |
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Credit Check & Analysis |
Mortgage Broker |
Mortgage Agent/Broker will analyze your financial information & credit to determine what mortgage solution will best suit your financial condition, but also your needs and desires. |
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Submit for Pre-Approval |
Mortgage Broker |
Mortgage Agent/Broker will submit an application to various lenders for pre-approval. |
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Pre-Approved! |
Lender & Mortgage Broker |
Mortgage Agent/Broker will receive a response from the lender(s) for pre-approval. Becoming pre-approved will allow you to look for the perfect home in your price range and will protect you against interest rates increase while you look for your new home. |
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Find a Home to Buy |
Applicant & Real Estate Agent |
While keeping the mortgage amount that you have been pre-approved for in mind, work with your real estate agent to find the perfect home. Remember though, there may be a big difference between the kind of home you want and the kind of home you need. |
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Make an Offer to Purchase & Gain Full Approval |
Applicant, Real Estate Agent, Seller, Mortgage Broker, Lawyer |
After you have found the home you would like to purchase you will need to present the seller with an Offer to Purchase prepared by you and/or your lawyer. At the same time you will need to become fully approved. You will need to provide your mortgage broker/agent with proof of income, your social insurance number, your offer to purchase and a copy of the real estate listing. |
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Closing Day |
Applicant, Real Estate Agent, Seller, Mortgage Broker, Lawyer, Lender |
Mortgage agent/broker will arrange for the lender to send the mortgage money to your lawyer, while you must provide your lawyer with any outstanding fees or closing costs. Your lawyer will pay the vendor and register the home in your name, also providing you with the deed and keys to your new home. |
