The Home Mortgage Process
Demystifying Home Loans
If you haven’t experienced it before, the home mortgage process can feel overwhelming, but our agents will help you stay informed throughout the process, from pre-approval to closing. The first thing to do is consult with a mortgage specialist (or two). If you don’t already have someone in mind, I partner with some of the best specialists in the industry, and I’d be happy to introduce you, so you’ll be taken care of.
Get Pre-Approval
Before you start looking for a home to buy, it’s a good idea to meet with your mortgage broker to get pre-approved for a mortgage amount. At this stage, the mortgage specialist gathers information about income, assets and debts of the borrower (you) to determine how much house you may be able to afford. This includes a credit report, pay stubs, T-4's and recent bank statements. There are a variety of different mortgage programs, so make sure to get pre-qualification for the specific programs that best suit your needs.
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Application & Processing
What happens when a loan goes "live"
When you find property you’re ready to buy, your mortgage specialist will help you complete a full mortgage application, and talk you through the various fees and down payment options. The application is submitted to processing, where the documents are reviewed and appraisals and title examination are ordered. Then the mortgage is sent to an underwriter, who reviews and approves the entire mortgage if it meets compliance.
Closing
Signing and Finalizing the deal
Don’t be surprised if you’re asked for additional documentation or clarification throughout the process. Once your mortgage is approved, don’t forget to set up homeowners insurance. Your documents will be sent to the lawyer, where you’ll sign for the new home and pay any remaining costs. Then the mortgage is recorded and you get the keys. Congratulations, happy homeowner!