Purchase

Initial Consultation

When developing a mortgage plan, the first step for our mortgage consultants is gathering all the relevant information. During your first meeting, our mortgage consultants will help you prepare for the application process helping you with the following:

• Determining if you are financially ready for a mortgage
• Discussing all associated costs
• Calculating how much you can afford and what your monthly cost will be
• Establishing how much of a down payment you have
• Setting a budget for your new home purchase
• Deciding on how much of the purchase cost will need to be mortgaged
• Explain different mortgage products and features such as fixed or variable rates

 

Application

The second step in the mortgage process is filling out an application form. With the information provided in your application, our consultants are able to perform a credit check as well as prepare a mortgage solution to fit both your short- and long-term goals.  To complete the application process, you will need to provide our consultants with the following:

• Current  financial information for applicants - employment information, assets, and liabilities
• Verification of down payment

 

Pre-approval

During pre-approval our mortgage consultants will meet with you again to explain each of the options available to help you decide which solution is best for you. Factors that will be discussed include:

• Choosing the best type of mortgage—fixed vs. variable—as well as length of term and rate
• Comparing features such as pre-payments, amortization, portability, assumability and mortgage life insurance

 

NOTE: Depending on the lender and current market trends, pre-approvals exceeding 12-days are rare.

Confirmation of Receipt by Lender


Once our mortgage consultant has helped you choose your best fit product, an application is submitted to the lender. After the lender receives your application, it  will initiate the following steps:

• Conduct an initial review of your application
• Issue a rate guarantee for anywhere between 90 and 180 days
• Issue a conditional commitment
• Reviews income, credit, and down payment verification

 

Making an Offer

Now that you know your budget and you have conditional lending, it’s time to start real estate hunting. To ensure your purchase is a smooth transaction, make sure you take the following steps:

• Advise all professionals involved in the transaction—real estate agents, mortgage consultant, insurance agent and lawyer—of the others’ involvement
• Keep all professionals involved informed once you have made an offer to purchase
• Ensure you inform your mortgage consultant of any changes to your financial situation
• Advise your mortgage broker when you have finalized your contract so he can submit appropriate documentation to the lender

 

Financing

Once your mortgage consultant has submitted all the documentation to the lender, these steps are followed:

• Lender orders an appraisal of the property (not always required)
• Lender removes all the conditions from the commitment
• Lender sends the funds to your selected lawyer
• Your lawyer and the seller’s lawyer finalize the financing process by transferring funds and changing the property registration to your name
• Additional expenses are paid including legal fees and property transfer taxes

 

Ownership

Your mortgage is in place and you are now calling your new house “home,” but that doesn’t mean your relationship with your mortgage consultant is over. Our mortgage consultants continue to work with you for the lifetime of your mortgage. They can assist you with any of the following:

• Developing quick repayment plans
• Repairing credit
• Purchasing additional properties
• Planning for future goals
• Refinancing or renewing your mortgage