The Mortgage Process

1. We will discuss your mortgage financing needs, then I will prepare and send your mortgage application to the lender(s) that best suit your needs.
2. The lender will review the application and send their offer back to me electronically and then I will present all offers/options to you and give my advise on which is your best offer.
3. That lender will then issue a “Mortgage Commitment” which must be accepted and signed by the you to retain your rate hold – *please note* – this is not a legal commitment and you have not made a commitment to this particular lender or their terms until you have signed your mortgage at the lawyer’s office.
4. A Mortgage Commitment will usually have a number of conditions and documentation requirements and your as your Mortgage Expert I will prepare this documentation for you and send it to the lender on your behalf. This documentation usually includes confirmation of your employment and income, verification of your down payment, appraisal of the property to confirm value (your mortgage specialist will arrange this on your behalf at a discounted broker rate) and review of your credit history.
5. Next, a Solicitor will work on your behalf to review
   • The offer to purchase,
   • Copies of the Mortgage Commitment,
   • Any Potential encumbrances, liens, easements, restrictions, encroachments, or other claims registered on title.
   • Contact the lending institution and arrange transfer of the funds
   • Contact the utilities and property tax department to determine amounts, if any, required for closing the mortgage.
6. You then meet with the Solicitor shortly before the closing date to review and sign closing documents (deeds, mortgages, declarations, undertakings etc.) and this is when you are now legally a home owner.
7. On the closing day, your Solicitor and the vendors’ Solicitor exchange documents, funds, keys and register all documents on title.