Applying for Home Loans, All Mortgage Information

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, 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, affordability and mortgage insurance

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 30 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, accountant, 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 may request an appraisal of the property by a registered values
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 rates etc

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: