Dan's Absolute Mortgage Process
Below is a typical flow chart for a standard mortgage from us
1. Application and Credit Check
The mortgage application is your first step towards home ownership or unlocking the equity in your home. The mortgage application can be done online, over the telephone or by fax. The application usually takes 5 10 minutes to fill out. It is usually a good idea to get pre-approved for a mortgage before you put an offer on a property. This way you know how much you can afford and can narrow down your property search.
2. Options
Once we have the mortgage application and credit report we can discuss possible mortgage financing options. Based on your income, credit report and income type; we can reveal your best mortgage options available. At this point you will know what your mortgage payments will be, and know what are the pre-payment privileges are.
3A. Mortgage Pre-approval / Approval
We submit your application to a suitable
lender and the mortgage commitment is presented to you in a timely fashion. Depending on the lender, the commitment may take a few hours or the next business day. In most cases we can unofficially approve you on the spot. We then review the mortgage commitment with you.
3B. Document Collection
We will collect from you: signed mortgage commitment,
income verification,
down payment verification, purchase agreement, property feature sheet, lawyers information and void check.
4. Document Submission
Once the mortgage commitment is signed, we then forward all mortgage documents to the lender so they can begin their process.
5. Lenders Review
The lender reviews the documents and verifies income, down payment, purchase agreement and arranges the mortgage insurance (CMHC or GE). The lender issues us a statement to Dan Grant to confirm financing conditions are satisfied.
6. Appraisal / Home Inspection
If the mortgage is 80% LTV or less then an appraisal may be required. A home inspection is quite often a good idea if you are purchasing and want to know the mechanics of the property from a professional home inspector.
After the appraisal or home inspection in completed and reviewed by the lender and all financing conditions satisfied, you can waive financing conditions for your purchase and let the lawyer do their work.
7. Legal work
The lawyer gets mortgage instructions from the lender and you will meet with the lawyer to sign the necessary paperwork. In most cases you will sign at the lawyers a few weeks prior to the possession or completion date.
8. Completed Mortgage or Possession
And finally the mortgage is complete. You take possession or receive the equity proceeds.
