The Mortgage Process – Simplified
Buying your first home, refinancing your existing mortgage or applying for a second mortgage/secured line of credit are all very similar processes and involve the same amount of work from the broker and the same amount of participation from the clients. Though the actual work done by your broker may be complicated, understanding the steps involved in the process is easy. The mortgage process for the client, when narrowed down, is really just 3 simple steps. Step 1 is the initial consultation or general meeting with your mortgage broker. During this step, we would collect all important personal details, mortgage related information and any other information that may be important or useful in the application process. This meeting can typically take between 30-60 minutes, and will allow you the face to face interaction to ask any important questions. Step 2, once an approval has been given from your mortgage broker, would be to meet once again and sign all preliminary documents needed to return to the bank and forward to the lawyer. At this stage, you would come prepared with all necessary documents requested from you by your broker (with enough notice of course). These documents are usually standard and easily accessible. These documents can be job letters, pay stubs, mortgage statements, bank statements, etc. Your mortgage broker will advise you of what will be needed (which conditions will need to be met as per the mortgage commitment letter), and will give you enough time to collect these documents before meeting to sign the paperwork. The next and final step would be to meet with the lawyer to sign the final closing documents. Aside from bringing the appropriate photo identification, there will be no need to send any documents to your lawyer, as your mortgage broker would have already done this, and your lawyer would have all paperwork prepared prior to your signing date. This meeting with your lawyer is open to any questions and clarification at your request. Similar to your mortgage broker, they will take the time necessary to ensure that you have a full understanding of what you’re signing.
The process is that simple. 3 easy meetings/steps and you’ll be off to a better mortgage future, or perhaps you’ll be enjoying your first home. If commuting to our office is hard for you, we can arrange to meet at a local café or even your own home. We’re a mobile service as well and will be prepared to meet at any time, at any location. The typical timeline, depending on the urgency of the matter, is usually between 5-10 business days. The sooner we received documents and requested conditions, the sooner we can get an approval and send the directions to the lawyer. Though people often think that the broker works for the client, or sometimes even the banks…both are actually untrue. We work WITH you to improve your finances and have only your best interest in mind. It’s a mentality we’ve carried for over 26 years, and if it doesn’t make sense for you, it doesn’t make sense for us.