The Mortgage Process Guide
Four simple steps be be approved
Introduction Call
Application Call
Plan for 15-30 minutes during our introduction call. We will go over the process of your application such as pre-approval, renewal, refinance, etc.
Then we will discuss down payment options, verifying your qualifying income and make a game plan!
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After the call, you will receive an e-mail with the next steps such; link to starting your application, uploading the requested documents in your mortgage app and inviting you to book the next call.
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Accepted offer Call
Once you find the home and have an accepted offer, we will review the file with actual property details, note that the income documents are only valid for 30 days, so expect to resend requested documents. We will review what is the best rate and best lender for your needs before sending your file in for official approval.
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Note that the official approval is a two part process. Part one is sending the file to the lender and getting the approval letter, part two is sending all the documents to get each conditions signed off by the underwritter.
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Expect to have some back and forth communication by email since the lender may have questions or documents to be revised or updated. I will be the "middleman" between you and the choosen lender.
The Application Call is usually +-30min to 1h depending how complex your file is. We will go in details about your application with verifying that the documents are supported to ultimately conclude your pre-approval. We will give you options between owner occupied, owner occupied with rental and rental unit limits.
At the end of this call, we will send your file to a lender for a pre-approval rate hold for valid for 120 days. A official letter will be issued.
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At this stage you can start shopping for homes!
Document Signing Call
At this stage, the mortgage is approved and the income, down payment & appraisal (if required) is satisfied by the lender. The last part is to sign the mortgage documents to have it official! Prior to this call, you will be asked to review the mortgage contract and modify any changes needed. During the call we will review the contract and expect to receive documents to sign by e-signature.
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Part 1 signing: NB regulators forms, Amortization schedule, etc.
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Part 2 signing: 48H hour after signing part 1, we will sign the Mortgage commitment (contract) & mortgage protection by Simplinsur / Canada Life.
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After this stage, you are officially APPROVED!
Note: Your down payment & closing costs will be given to your lawyer prior to closing. Insure your funds are available and your lawyer is now your go to contact.