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Mortgage Qualifying Process

Outlined below are the typical steps to qualify for a standard mortgage. Less or more steps may be required for your application based your personal circumstance. Gather Your Personal Documents The more documentation your provide upfront the better. There are several ways to calculate usable income, and to structure a mortgage application for a lender so it is important that we have all the facts so we can get you your best mortgage. For a list of possible documentation please refer to the Supporting Documents page or contact Kathleen directly for a list tailored to your circumstance. Complete Your Mortgage Application A mortgage application can be completed online, in person, on the phone, or by printing and returning the application by e-mail or fax. In all circumstances two pieces of identification and signatures from all applicants will be required prior to the mortgage expert being able to check your Credit Report. Mortgage Expert Application Review Once your mortgage application is received along with your identification and signatures we will review your application, contact you if we have any questions and then provide you with a break-down of available mortgage options or a plan on how to work towards qualifying for a mortgage.  Review Your Mortgage Options At this time you will review the information provided and decide which avenue you wish to proceed with and inform us of your decision. Lender Submission After you have made a decision which direction you wish to take Kathleen will submit to the lender for a mortgage approval. This process usually takes 1 to 7 days depending on the current application volumes the lender is dealing with. At times of high volume some lenders will prioritize purchase application over refinance applications and times may be longer for refinances. Lender Decision If the lender and the mortgage default insurer (if applicable) are satisfied with the applicants credit, income ratios and the property to be mortgage then the lender will issue a Mortgage Commitment (otherwise known as a Mortgage Approval). The Mortgage Commitment is a commitment from the lender to you subject to all the terms outlined in the commitment. Mortgage Commitment Review The Mortgage Expert will receive a Mortgage Commitment from the lender and present it to the applicant. After reviewing all the terms of the commitment the applicant can choose to accept the lenders commitment or move on. Lender Documentation Review Once an applicant accepts the Mortgage Commitment the lender will then proceed to final documentation review. The lender will verify your employment and may contact your employer directly by phone, they will review the property appraisal if one is required and any other requested documentation from the Mortgage Commitment. Lender Final Approval When the lender is satisfied with all the requested documentation they will inform the mortgage expert that the file is complete and ready to instruct to the Solicitor. Subject Removal for Purchases After the lenders final approval has been issued the applicant can remove financing subjects from the Contract of Purchase and Sale if they choose to do so. Lender Instructs the Solicitor The lender instructs the Solicitor chosen to complete the transaction by sending them the legal mortgage documents and Solicitor requirements. Waiting Period Some lenders will require 10 days to instruct the Solicitor prior to closing the mortgage. Also there may be time between your subject removal and your closing date if you are purchasing a home. It is important not to change any of your personal circumstances during this time. Please refer to the What Not to Do Prior to Your Mortgage Funding article for more information. Solicitor Closing Signing Appointment The Solicitor will contact you to set up a signing appointment. You will be required to bring identification and provide proof of property insurance and other requested documentation at this time. After all documents have been signed and received by the Solicitor then the Solicitor will submit the final package to the Lender. Lender Funding/Completion When the Lender receives the final package the Lender will release the funds to the Solicitor to close the transaction. Once this is done your mortgage is complete.
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BUY MY FIRST HOME CONTACT A MORTGAGE BROKER APPLY  FOR A MORTGAGE
I WOULD LIKE TO:
LEARN ABOUT INTEREST RATES REFINANCE MY MORTGAGE Apply Tweet Me

Mortgage Qualifying Process

Outlined below are the typical steps to qualify for a standard mortgage. Less or more steps may be required for your application based your personal circumstance. Gather Your Personal Documents The more documentation your provide upfront the better. There are several ways to calculate usable income, and to structure a mortgage application for a lender so it is important that we have all the facts so we can get you your best mortgage. For a list of possible documentation please refer to the Supporting Documents page or contact Kathleen directly for a list tailored to your circumstance. Complete Your Mortgage Application A mortgage application can be completed online, in person, on the phone, or by printing and returning the application by e-mail or fax. In all circumstances two pieces of identification and signatures from all applicants will be required prior to the mortgage expert being able to check your Credit Report. Mortgage Expert Application Review Once your mortgage application is received along with your identification and signatures we will review your application, contact you if we have any questions and then provide you with a break-down of available mortgage options or a plan on how to work towards qualifying for a mortgage.  Review Your Mortgage Options At this time you will review the information provided and decide which avenue you wish to proceed with and inform us of your decision. Lender Submission After you have made a decision which direction you wish to take Kathleen will submit to the lender for a mortgage approval. This process usually takes 1 to 7 days depending on the current application volumes the lender is dealing with. At times of high volume some lenders will prioritize purchase application over refinance applications and times may be longer for refinances. Lender Decision If the lender and the mortgage default insurer (if applicable) are satisfied with the applicants credit, income ratios and the property to be mortgage then the lender will issue a Mortgage Commitment (otherwise known as a Mortgage Approval). The Mortgage Commitment is a commitment from the lender to you subject to all the terms outlined in the commitment. Mortgage Commitment Review The Mortgage Expert will receive a Mortgage Commitment from the lender and present it to the applicant. After reviewing all the terms of the commitment the applicant can choose to accept the lenders commitment or move on. Lender Documentation Review Once an applicant accepts the Mortgage Commitment the lender will then proceed to final documentation review. The lender will verify your employment and may contact your employer directly by phone, they will review the property appraisal if one is required and any other requested documentation from the Mortgage Commitment. Lender Final Approval When the lender is satisfied with all the requested documentation they will inform the mortgage expert that the file is complete and ready to instruct to the Solicitor. Subject Removal for Purchases After the lenders final approval has been issued the applicant can remove financing subjects from the Contract of Purchase and Sale if they choose to do so. Lender Instructs the Solicitor The lender instructs the Solicitor chosen to complete the transaction by sending them the legal mortgage documents and Solicitor requirements. Waiting Period Some lenders will require 10 days to instruct the Solicitor prior to closing the mortgage. Also there may be time between your subject removal and your closing date if you are purchasing a home. It is important not to change any of your personal circumstances during this time. Please refer to the What Not to Do Prior to Your Mortgage Funding article for more information. Solicitor Closing Signing Appointment The Solicitor will contact you to set up a signing appointment. You will be required to bring identification and provide proof of property insurance and other requested documentation at this time. After all documents have been signed and received by the Solicitor then the Solicitor will submit the final package to the Lender. Lender Funding/Completion When the Lender receives the final package the Lender will release the funds to the Solicitor to close the transaction. Once this is done your mortgage is complete.
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