The Mortgage Process

Whether it is your first mortgage, or your tenth mortgage – it all starts with a mortgage application.  Sometimes the mortgage process can get confusing.  Our mission here at Canada First Mortgage is to make the process as simple and understandable as possible.  The mortgage application is the first step in obtaining mortgage financing – but let’s have a closer look at the WHOLE process…

Step 1 – Information gathering

The mortgage application:  A typical mortgage application is not very complicated.  Basically, we’re looking for some information about you and whoever is going to be on the mortgage with you.  We’ll be looking for things like; your Social Insurance Number, where you work, how much you make, how long you’ve been there, where you live, how long you’ve lived there, how much debt you have, what your credit is like (past and present), and your financial net worth.  All of the information that is relayed is strictly confidential, and is 100% secured. 
*(You will be asked to sign a consent form so that we may look and deal with your credit bureau)*
To view our application form, see “apply online today!” 

Step 2 – the Pre-approval

The pre-approval is generated from a lender that provides this service (not all do).  They are basing their pre-approval on the information that we supply to them via the mortgage application.

Step 3 – the Approval

Many confuse the terms “Pre-approval” and “approval”.  If you are pre-approved for a mortgage, yes you may go shopping for a home – but it doesn’t mean that you are guaranteed a mortgage! 

The approval is supplied by the lender when all of the information we relayed to the lender is verified!  For example, we will have to supply the lender a letter of employment and a paystub to “verify” that you make what we’re telling them.

Certain different conditions of verification will be called upon for the different information that we supply the lender.  Your mortgage associate will be dealing with you directly on this, and will make this process as seamless as possible!

Step 4 – the closing

Once all of the conditions for the mortgage are verified, the lender will package your mortgage up and send it off to your lawyer whereupon your lawyer will call you in for meeting to go over the legal matters of the mortgage.  The lawyer will also be handling the disbursements of the funds, and the registering of your name at land titles.  This all requires an appropriate amount of time.  Usually we like to give the lawyer at least 2 weeks with your mortgage instructions so that things can go as smooth as possible for you!

Questions always rise when going through the mortgage process, and your mortgage associate will be there for every step of the way to assist you with your questions and concerns.  Every mortgage transaction is different, and you are no exception.  You have needs and we want to assist you with those the best we know how!

A friendly voice, knowledgeable advice – a move in the RIGHT direction!