The Mortgage Process
Buying a new, or existing, home will likely be one of the most expensive purchases you ever make. For this reason, it is wise to learn a little bit about how the mortgage qualifying process works. For your convenience, I have broken down the process into four simple steps.
Here are four easy steps to getting a new mortgage:
Step 1: A conversation with me!
I want to get to know YOU, and the best way is by having a candid chat. This conversation will allow me to understand your goals and aid me is presenting options that are relevant to you! However, I want to make the intial steps as convient as possible, so my online application will take approximately 5 minutes to complete. Please try to complete it as accurately as possible, but do not worry if you miss something - I always follow up with a phone call.
Step 2: Product Consultation/ Processing of application
If you sent me a secure online application, I will follow up with a phone call to discuss your application and your specfic needs. In either case (by phone or secure online application), before I send your applciation for approval, I will email a Lender Mortgage Comparison chart. This chart will allow you to ask questions about each Lender: Do they have a Branch? Do they only service customners over the phone? Does their website allow secure online managment of my mortage?
My expertise in knowing what each Lender offers will allow you to make an informed decision. This conversation often reveals the value that one Lender holds over another, and proves that interest rate is not the only factor to consider.
Our converation will also detail what supporting documentation we will need to satify the conditions of the mortgage advance (i.e. Letter of employment, pay stubs and down payment confirmation). Knowing what documentation will be needed ahead of time leads the way to a smooth financial tranaction with your chossen Lender.
Step 3: Acceptance
When your Mortgage request is approved, I will send you a copy of the approval and request to schedule a time for us to review all the conditions it contains.
Much of the information within the Mortgage Approval you will already be familiar with from our previous consultation - so very rarley are there any surprises. Understanding how Lenders Underwrite a mortgage gives me the advantage of being pro-active with all my clients, giving them accurate information.
The approval must be signed and returned along with any other required documents set within. Once signed, it enteres teh final stage...
Step 4: Funding
Once your Mortgage is complete you will need to meet with your lawyer to finalize and register your new Mortgage.
I often call this the "hurry up and wait" stage of the transaction as it may be a few weeks between accpeptance of the mortgage and your lawyer receviving all pretinant information from all parties.
It is during this stage that I personal contact your lawyer (with your permission) to introduce myself as your Mortage Planner/Agent and provide them with the details of the Lender who will be funding your mortgage. This allows your lawyer to prepare for the specific instructions instead of reacting, and opens the lines of communication for all parties invovled.