Getting a Mortgage

Before an application gets filled out, it’s important to first asses yourself financially. Figure out how much money you have and how much you need to borrow. It’s always critical to sort out how much you can afford so that when you apply for a mortgage you will be able to financially sustain yourself. A mortgage associate will then take an application by phone, in person, or online. Once it has been received, the mortgage application process will begin by verifying the information you have provided.

Like all homes, Canadian mortgages also come in all shapes and sizes. You have to pick which loan is more aligned with your financial situation and goals. There are four basic types of Canadian home financing loans.

Once you select the appropriate mortgage program, you will submit this information to your mortgage associate along with any other required documentation. You will then wait for the mortgage approval from the mortgage associate either through email or fax. After the approval, the associate will also review your commitment to the mortgage. Any additional documents that are required by the lender should be sent to the associate no later than 10 days after the approval.

The associate will send the mortgage instructions to your lawyer to review and sign the documents. First you will review all the terms and conditions prior to signing to make sure the interest rate and loan terms are what were promised. Double check to see that the names and address are correctly spelled on the documents. Signing takes place in front of a notary public or lawyer. There will be several fees with obtaining a mortgage and transferring property ownership which will be paid at closing. Bring a bank draft check for the down payment and closing costs if required. Personal cheques are not accepted. You will also need to show homeowners insurance policy and other requirements such as flood or fire insurance and proof of payment.