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:
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) Purchaser's Statement of Adjustment
Congratulations on the completion of a real estate transaction.You are officially a homeowner.