In our first post with mortgage expert Laura MacCormack, she discussed all of the ways you can prepare yourself for the spring market in terms of what to expect with rates in the coming year, pro tips for your finances, and how a mortgage broker can help guide you through buying a home successfully. Here, Laura has laid out the process for securing a mortgage step-by-step so when it comes time, you’ll be ready.
Step 1. Speak to a qualified, licensed professional Mortgage Broker. Trust is important and I suggest interviewing several brokers to find the one you can work with implicitly.
Step 2. Complete the mortgage application.
Step 3. Provide all required documents to your Mortgage Broker.
Step 4. I then provide my clients with a mortgage pre-approval purchase analysis based on their monthly budget, not necessarily the maximum amount they qualify for. This is a great tool that helps guide clients when they are looking for a home to buy.
Step 5. Start looking for a home and put in an offer on the property you love. Once you have an accepted offer, it’s GO time. Always speak to your Mortgage Broker before you put in the offer to ensure they are ready to go as well. In today’s market the turn-around time can be very quick for subject removal.
Step 6. Your Mortgage Broker will submit your mortgage for approval.
Step 7. Provide any other required or updated documents. For example, bank statements showing the down payment funds in your account for 90 days, job letters, pay stubs, CRA Notice of Assessments, if applicable, etc.
Step 8. Sign mortgage documents with the Mortgage Broker.
Step 9. The Mortgage Broker will order an appraisal if required.
Step 10. The Mortgage Broker will finalize all mortgage conditions with the lender and advise the clients they are ready to remove subjects to financing on their new home purchase. Clients will also need to complete a home inspection and other steps in the midst of this process with their realtor to ensure they are ready to remove all subjects. Prior to completion, the clients will meet with their lawyer to sign all documents so the mortgage is ready to fund on completion date.
If you have any further questions regarding the mortgage process, Laura is always available for a consultation.