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The Loan Process

Seven Steps to Mortgage Financing

Congratulations on taking the first step toward buying your new home! Understanding the mortgage process is crucial, and I’m here to guide you through every step.

  1. Get Your Documents Ready

To help me assess what you qualify for, it’s essential to have the following documents prepared:

  • Contact information for your employer and details of your employment history (including an employment letter, recent pay stubs, and T4s).
  • Proof of your current address and your address history.
  • Government-issued photo ID with your current address.
  • Details of your current debts and other financial obligations.
  1. Secure a Rate Hold

Securing a rate hold is a key step in your mortgage journey. This helps determine your price range and monthly payments, guarantees your interest rate for up to 120 days, and allows you to make a competitive offer with a shorter financing condition.

Note: Pre-approval doesn’t mean the lender has fully reviewed your documentation. Final approval may still require a mortgage insurer’s review.

  1. Find Your Dream Home and Make an Offer

Once you find the perfect property, it’s time to make an offer. This process might involve some negotiation until both you and the seller agree on a price.

  1. Offer Accepted

With an accepted offer, we can move forward with finalizing your mortgage. You’ll need to:

  • Provide proof of income for your mortgage application.
  • Show proof of your down payment (including its source).
  • Provide details of your savings and investments.
  • Introduce me to your realtor.
  • An appraisal might be required; I’ll help arrange it if necessary.
  • Submit any outstanding documents needed for financing.
  • Arrange a home inspection.
  • Receive the lender’s approval on the property and a final approval letter.

 5. Remove Conditions

Once your financing is confirmed, I’ll send you an email confirming that everything is in place. Your realtor will then assist you with finalizing the purchase paperwork with any necessary signatures.

  1. Purchase Home Insurance

Before closing on your new home, you’ll need to secure home insurance, including fire protection. Now is the perfect time to contact your insurance provider to get started.

  1. Finalize with Your Lawyer/Notary

In the final step, you’ll need to provide your remaining down payment and cover closing costs (typically up to 2% of the purchase price). This usually happens 1-2 days before the completion date.

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