It is essential to collect personal information from you to determine what you qualify for and the best mortgage strategy/product you should adopt for a successful mortgage plan. This includes:
- General information such as contact info, birth date as well as assets and loans, and alimony and support payments.
- Employment info such as employer, title, salary and other income, self-employment information that includes historical taxable income, historical gross business income
Stage 2 – Qualifying
At this stage, we will package up your information and send it to a lender for a rate hold, pre-approval or approval. Your information will be packaged in the best possible way to present your credit worthiness to the lender.
We send our information electronically and directly to the lender and can usually get a response within 24-72 hours.
Stage 3 – Verification
Your approval will be subject to verification of the information you provided to us. Verification will be done on items such as your income, with a job letter and recent pay slip, or showing a bank statement to prove you have enough savings for your down payment. Some lenders require your tax returns and NOAs. We will list out all the information needed and lead you through a straightforward verification process that will satisfy all the conditions of your approval.
Funds for closing costs. The lender requires you to have enough money to cover the down payment, and in some cases prove that you can also cover the closing costs – calculated at approximately 1.5% of the price of the home.
Stage 4 – Property
Once you have found your dream home, your Realtor will draw up a Purchase and Sale Agreement, which he or she will also send to us on your behalf. When writing your offer, we strongly recommend writing “subject to financing” to ensure you get approved before the deadline, so you don’t lose your deposit. During this stage, the lender may request an independent appraisal to determine the real worth or value of the property.
Stage 5 – Approval
During this stage, the lender will verify everything including income, any documents and the property appraisal to ensure that all of the conditions are satisfied. At this stage, you can still change the rate, term, payment amount or frequency, amortization, and more. Once you agree to the conditions, we will review the commitment letter in detail with you before you sign.
Stage 6 – Funding
The only thing left to do is to register the transaction legally. This will require a lawyer or notary. The bank will then forward all the documentation directly to your lawyer, and the lawyer will contact you to arrange a meeting. During this meeting, your lawyer will confirm the details of your transaction and will request a bank draft or certified cheque to cover the amounts outstanding before the closing date, which includes the down payment, the lawyers fee, property transfer tax and any other disbursements not yet paid for, less any deposits already paid.
The lawyer then receives the funds from your lender, disburses them and registers the title in your name – then you get the keys.
Our team will build you a Mortgage Plan that fits your goals, administer your Mortgage Plan through the stages, and keep things organized and on target all the way to the "Finish Line"!
Contact our team to get your Mortgage Plan today!