​STEP 1: Mortgage Pre-Approval

 

Before you start your housing search, it's a smart idea to get a mortgage pre-approval to determine what your maximum budget is for your next home. Keep in mind that mortgage applications are evaluated on two things: the applicant and the property. This step analyzes the applicant only on attributes like income amount, employment type, debt level, and credit score. I will also estimate some details about the property like property taxes and condo fees. I'll explain all of these estimates and how they impact your mortgage pre-approval amount as we go. 

 

I will often ask for all of your documentation during this stage; things like employment letter, pay stubs, T4s, Notice of Assessments (NOAs), and more. The more due diligence I do at this stage, the less surprises we see later on. Keep in mind that not all lenders and banks do this and some clients will end up finding out they're not actually approved once they've already signed a purchase agreement!

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STEP 2: House Search

 

Once you know what your budget is, it's time to start your housing search. A certified residential Realtor can help you through this process. If you don't yet have a Realtor, let me know and I can help connect you.

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STEP 3: Mortgage Lender & Rate Optimization

 

Now that we know exactly what property you'll be purchasing, I can fine tune your application and search for the best lender and rate for your mortgage. With access to over 50 different lenders, I am confident I'll have a winning option for you! During this phase I'll be sure to explain why I recommend a certain lender and ensure you're feeling comfortable and confident before moving ahead.

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STEP 4: Conditional Mortgage Approval

 

Once we submit to our chosen lender, you will receive a conditional approval. You will receive a mortgage commitment that is conditional on documentation review (remember how I already reviewed all your documentation in Step 1, to prevent surprises in this Step!). pending the conditions outlined are fulfilled. This generally includes the "proof" of items you've previously claimed in your application. The lender will also evaluate aspects of the property at this stage, like the reasonability of the purchase price of the property via an appraisal, it's location, and proposed use.

 

As your mortgage agent, I will work closely with you to prepare the documentation required and send it to the lender on your behalf.

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STEP 5: Complete Mortgage Approval

 

Once you've fulfilled the conditions outlined by the lender, you will receive notice of a final approval. All mortgage documents will then be sent to your lawyer who will conduct a title search on the property and finalize all documentation for closing. Of course I will be with you every step of the way. Happy Closing Day!