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April 25, 2017
1 Year Closed : 2.34 %
3 Year Closed : 2.35 %
5 Year Closed : 2.54 %
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Mortgage Process
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The Flow of Securing Your Mortgage

First step: Application process
By using an online application, completed form can be sent by fax or e-mail.If you require personal assistance going through an application, appointment can be set.

Necessary information pertaining to an application:

  • Personal information (current address, phone number, birth date, sin number)
  • Employment information (company name, years with the company, salary)
  • Assets (property, vehicle, RSSP and investment, life insurance)
  • Liabilities (card payment, auto loan, other monthly payment made)

At this stage, it is recommended for you to begin gathering a letter from your employer and past three months bank statement to prove your down payment source.

Second Step: Pre Approval

Based on the information provided by a client, I would carefully choose the mortgages that fulfill each client needs and submit an application electronically.Turn around time on each lender may differ, but I would discuss your options and any expected additional costs relating to a mortgage should it occur when your criteria do not meet under conventional mortgage products.Most of the financial institutions would hold a rate between 90 to 120 days.However, pre-approval process is solely based on the information extracted from your application.Final approval has to be given by a lender on the actual property.

Third Step: Offer to Purchase

Your hunt for a property becomes a reality with this pre-approval.You can narrow down properties you can afford to purchase.When decision is made to make an offer on a certain property, I would require the following documents:

  • Offer to purchase
  • Property's MLS printout
  • Property Condition Disclosure Statement
  • Past six months' strata minutes (if condominium)
  • Appraisal ordered by a lender (CMHC insured mortgage exception)
  • Supplementary income information if not submitted previously
  • Appointment of the lawyer or a notary public

Fourth Step: Completion

The only thing, at this point for you to do, is going into a lawyer or notary office to sign necessary documents to finalize a mortgage, providing that all requirements outlined by the lender are met.The lawyer would request you to bring a cheque to cover expenses such as a down payment, property transfer tax, property tax, and condo maintenance fee (if required).

You are required to sign the following documents:

  • Mortgage Document (Form 10)
  • Solicitor's Consent Form
  • Purchaser's Statement of Adjustment

Congratulations on the completion of a real estate transaction.You are officially a homeowner.

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