Getting a Mortgage
The process of obtaining a mortgage can be daunting and confusing, but don't worry, I have outlined the process in four simple steps for you!
Step 1: Assess Your Finances and Fill Out an Application
Before filling out a mortgage application, take a close look at your finances to determine how much you can afford to borrow. Once you have a good sense of your financial situation, a mortgage associate will take your application by phone, in person, or online. Once the application is received, the associate will verify the information you provided.
Step 2: Choose the Right Mortgage Program
There are several types of Canadian home financing loans, each suited to different financial situations and goals. These include Fixed Rate Mortgages, Adjustable Rate Mortgages, Combination Rate Mortgages, and Lines of Credit. Choose the type that aligns with your needs.
Step 3: Submit Your Mortgage Application and Get Approval
Once you have selected the appropriate mortgage program, you will submit your information and required documentation to your mortgage associate. They will then review your application and provide you with an approval. Be sure to submit any additional documents required by the lender within 10 days.
Step 4: Work with a Lawyer to Review and Sign Documents
Your mortgage associate will send the mortgage instructions to your lawyer for review and signing. Be sure to review all terms and conditions before signing to ensure they match what you were promised. Bring a bank draft check for the down payment and closing costs, and proof of insurance to the closing. Personal checks are not accepted.
By following these simple steps, you can successfully navigate the mortgage process and secure the financing you need for your dream home.