The Flow of Securing Your Mortgage

           Necessary information pertaining to an application:

• Personal information (current address, phone number, birth date, sin number)
• Employment information (company name, years with the company, salary)
• Assets (property, vehicle, RSSP and investment, life insurance)
• Liabilities (card payment, auto loan, other monthly payment made)

At this stage, it is recommended for you to begin gathering a letter from your employer and past three months bank statement to prove your down payment source. 

Second Step �E Pre Approval

Based on the information provided by a client, I would carefully choose the mortgages that fulfill each client needs and submit an application electronically.  Turn around time on each lender may differ, but I would discuss your options and any expected additional costs relating to a mortgage should it occur when your criteria do not meet under conventional mortgage products.  Most of the financial institutions would hold a rate between 90 to 120 days.  However, pre-approval process is solely based on the information extracted from your application.  Final approval has to be given by a lender on the actual property.

Third Step �EOffer to Purchase

Your hunt for a property becomes a reality with this pre-approval.  You can narrow down properties you can afford to purchase.  When decision is made to make an offer on a certain property, I would require the following documents:

• Offer to purchase
•  Property's MLS printout
•  Property Condition Disclosure Statement
•  Past six months' strata minutes (if condominium)
• Appraisal ordered by a lender (CMHC insured mortgage exception)
• Supplementary income information if not submitted previously
• Appointment of the lawyer or a notary public

Fourth Step �E Completion

The only thing, at this point for you to do, is going into a lawyer or notary office to sign necessary documents to finalize a mortgage, providing that all requirements outlined by the lender are met.  The lawyer would request you to bring a cheque to cover expenses such as a down payment, property transfer tax, property tax, and condo maintenance fee (if required). 

You are required to sign the following documents:

•  Mortgage Document (Form 10)
•  Solicitor's Consent Form
•  Purchaser's Statement of Adjustment

Congratulations on the completion of a real estate transaction.  You are officially a homeowner.