Articles of Interest

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Summary of the mortgage process

This flowchart may help you understand the mortgage process from start to finish.

Provide information to find out how much you qualify for.

	Revise application with you
	Explain the entire process
	Review all possible costs. We do not want any surprises.

	It is explained why
	We recommend options and steps can be done to help you qualify in the future.

	Find out what is important to you
	Show you different loan options of best interest rates available from major banks, life and other mortgage lenders

	Obtain and discuss Credit Bureau with you
	Select best lender for you & submit application (written commitment is usually received within 4 hours)
	Review your documentation to make sure it is satisfactory

Review and discuss approval with you, making sure all terms snd conditions are satisfactory

Work with your sales representative

available to review your situation at any time (may make you more comfortable)

Conventional if D/P>25%

High ratio if D/P <25%

	Review all financial conditions to make sure they are satisfied.
	Financing is now firm

Some local lenders may want to meet with you. Not required for out of town lenders

Copy of offer & mortgage instructions are sent to your lawyer who controls the mortgage from now until closing

	Good luck. Prepare moving checklist
	Ask solicitor/law clerk for adjusted amount to close purchase

	Take certified cheque payable to lawyer in trust to balance of downpayment & closing costs
	Sign all legal papers



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