The Mortgage Financing Process As Explained by Victor Anasimiv, Accredited Mortgage Professional at Dominion Lending Centres. http://islandmortgagespecialist.ca/
The number one question a homebuyer often has is “What does the mortgage process entail?” In very simple terms, following is an outline of the process upon which you are about to embark:
a) Get pre-approved/ pre-qualified: Avoid any hiccups or obstacles before you begin the home shopping process. Being pre-qualified helps in the following ways:
- Determines price range – it will help you understand what your monthly costs will be and determine your price range.
- Guarantees the rate – from 90-120 days. And we will automatically adjust your rate down with any market reductions.
- Allows you to put in a competitive offer – become a successful bidder with a shorter subject to financing requirement.
b) Put in an offer: Once you have found the property that meets your needs, you will put in an offer that will be accepted or countered. This may go back and forth until you reach an acceptable price with the vendor.
- Aaron or Neil faxes me a copy
- An appraisal is ordered (only if necessary & determined by the lender)
- Send in any remaining documents required for financing (income confirmation, down payment confirmation, etc)
- Send an inspector in (if applicable)
- Receive the lender’s approval on property and Mortgage Commitment letter
d) Remove Subjects: At this point, your financing is in place and you are ready to proceed with the purchase of the property.
e) Lawyers’ Office: You will be asked to provide any money that is to be used as your down payment, which is not already on deposit with your realtor. Typically, you will go in 3 to 7 days prior to the completion date.