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The Steps to Mortgage Approval
1.
Complete the mortgage application
This must be completed for active
purchases as well as pre approvals. You will provide
information about your personal finances and this
step can be done using a paper application or our
Secure
Online Application. We will obtain a copy
of your credit report, which contains all of your
past and present credit information. This
information will determine the interest rates and
mortgage amount that you qualify for. Mortgage
Lenders are credit score driven, so if your credit
score is a limiting factor, we are glad to provide
you with tips on increasing your score, and thus
allowing you to qualify for the best rates and
products available.
2. Your
Mortgage Broker shops for You
We will
find the best options for you and let you decide
which option you prefer. Most lending institutions,
including banks, only offer a few products, and if
you approach them directly, those few options will
be your only options. We access over 80 lenders with
different products and lending criteria, so you are
sure to get the mortgage that best fits your
situation.
3. Your
application is sent to the lender
When your
application is approved, you will receive a
commitment letter from the lender outlining the
various conditions to the completion of your
mortgage. These conditions will include:
-
Income
verification
-
Down
payment verification
-
Employment verification
-
Contract of Purchase and Sale (except for pre
approvals)
-
Property Disclosure Statement (except for pre
approvals)
4. Bring
in your supporting documentation
5.
Choose a Solicitor – we can help you if you like
6. Sign
your loan documents at Solicitor's office |
