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The Mortgage Process

Buying a home doesn’t need to be a daunting process. Find out where to start, what next, run the numbers, what documents are needed and what is important. Follow our easy process to make sure everything goes smoothly.

  1. Initial Consultation: Find out how we can help, without a credit check. Simply it is a pro-bono consultation with our experts.
  2. Complete Our Application: Our application can be completed in 3 ways; online, in person, or by phone. The application gives us all the details in order to properly access your situation. The application in advance to meeting is often beneficial as it allows us to prepare options rather than just meeting and collect information. However, we are always willing to meet in person to go over our application.
  3. Mortgage Options Are Presented: We prepare an in depth analysis of all your mortgage options. We present low rate options, bank options, pros, cons, all suited products based on your situation. We also outline all fixed and variable rates. We go through all costs associated with closing your mortgage and home. Every penny will be accounted for and you will be fully aware of the number.
  4. Meeting: After presenting all your options, it is important to set up a meeting either in person, online or by phone to go through our in depth analysis. You do not deal with mortgage every day and for you to understand all the ins and outs of your mortgage options would be impossible. We work for you, so it is our duty to explain everything and answer any questions you may have.
  5. Document Collection and Review: Everyone’s situation is different, assumptions are made, numbers are rounded or questions can be misinterpreted. For these reasons it is important that a mortgage professional reviews all necessary documentation to ensure the borrowers are protected and safe to move forward.
  6. Pre-Approval Certificate: Once your application has been reviewed, options have been discussed and supporting documents have been approved. You will receive a pre-approval certificate giving you the confidence you need to start searching for a home. It is also a 4 month rate hold so you are protected from rate increases as you shop for a home.
  7. Search For Home: The fun begins, you are free to search for you home. It is important to use a trusted Real Estate Agent, ask us for our suggested professionals. During this process, we encourage clients to run properties by us so we can run the numbers and the particular home of interest.
  8. Accepted Offer: You have found a home, made an offer and the offer has been accepted. You now have 30-90 days before you receive your keys.
  9. Re-Evaluate your Mortgage Options: You now know your new address, the home has been selected. It is important to now re-evaluate your mortgage options and see if there are any quick close rate specials, has your situation changed, what are your plans for the property. This discussion is vital before we zero in on the lender, product and rate.
  10. Obtain Mortgage Approval: Once we have selected the lender, we submit to them on your behalf, negotiate and ensure you are getting the best. This process takes 1-3 days depending on the lender and the complexity. The lender will approve you subject to a review of your supporting documentation and sometimes an appraisal.
  11. Update and Submit all documents for Lender Review: At this stage you may need to update some of your documentation and have an appraisal completed. Once everything has been prepare we submit to the lender for review and approval.
  12. Sign Mortgage Documents: As you approach your closing date we watch the market until your closing date to ensure you always have the best rate and most suitable product. The last step is to sign all the mortgage paperwork and submit to the lender.
  13. Prepare Insurance: It is important at this time to review your insurance needs. Home insurance will be required to have in place. Also, you will be offered mortgage insurance. Although it is not required, it is a good idea to review your life and disability insurance. It is important to protect yourself and your family, ask us about our trusted insurance professional.
  14. Broker Complete: All documents, appraisal and paperwork has been accepted by the lender. You are all set.
  15. Lawyer is sent Instructions: The lender sends all necessary instruction to your lawyer. The lawyer will also have certain tasks they need to complete for the lender. They will advise you on what need to be done to close smoothly.
  16. Final Lawyer Meeting: You will need to schedule a meeting with the lawyer to sign paperwork and deliver a certified cheque that includes your down-payment, minus your deposit, plus the closing costs.
  17. Closing Day: Finally, you get your keys…tie to start paying your mortgage off!
  18. Annual Mortgage Check-up: We like to review your mortgage and situation annually to see if there is an opportunity to save you money, see how the lender is preforming, discuss your plans and answer any questions. We also want to say ‘hi’ and see how you are enjoying your home.
  19. Refinances and Renewals: We want to be your mortgage advisor for life. We are always here to help you save money. At renewal you will get an offer by your existing lender, but we will also check in to make sure you are getting the best. We also want to see if there is an opportunity to save money by consolidating debts or utilizing your equity.
  20. Mortgage Burning Party: Our goal is to be invited to your mortgage burning party! Although we set up mortgages, our true passion is saving client money and unnecessary interest. It is rewarding for us to help break the burden of debt for our clients and help them become mortgage free!

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