The Mortgage Process
Buying a home is a big step, and that is why you need to have a plan. A part of your plan should include your mortgage. There is a process involved – one that should be followed in order to avoid any un-necessary stress and ensure a smooth overall experience.
Here is a simplified overview of the process in 5 steps
Step 1 – Mortgage Pre-Approval
Arranging a pre-approved mortgage is one of the most important steps in the home buying process. It not only protects you in the event of an interest rate increase for up to 120 days, but it also provides you and your realtor with a price range for looking at homes. With a mortgage pre-approval, you can shop with confidence. The Mortgage Specialist will go a step further and qualify. In these times, a rate hold is not enough, and all of your documents should be verified up front so that you can continue on with confidence.
Step 2 – Go Shopping
This is where the right realtor makes all the difference. Once you are pre-approved and qualified, your realtor will help you find a property that suits your needs and also ensures that any contract to purchase will protect your interests. Buying a home is such an important decision, of course expert guidance is a crucial element.
Step 3 – Mortgage Application Process
Once you have found your ideal home and signed a contract to purchase, you contact our team. We will ask for updated income and down payment confirmation, as well as any other information required to complete the mortgage application (anything that will require updating or not collected at the pre-approval stage.)
Step 4 – Subject Removal
Subject removal happens once you have received confirmation that your mortgage is unconditionally approved and/or your home inspection has passed. Your realtor and our team will walk you through this process.
Step 5 – Legal Documentation
At this stage, your realtor and our team will arrange for documentation to be sent to your lawyer. Usually the lawyer/notary will call you one to two weeks before closing to make an appointment for you to sign the mortgage and title transfer documents.
As Your Mortgage Expert – The Mortgage Specialist will simplify the entire process of mortgage financing for you: We represent your best interest, aggressively negotiate with the banks for the best mortgage rates, do the paperwork, and ultimately, provide you with the best possible solution. The good news is there is no cost to you for this service!
Our objective is to help make the financing process as simple and stress free as possible. Whether you are purchasing a new home, refinancing your mortgage or wanting the best rate upon renewal, we look forward to working with you.