Buying Your Home
Step by Step...
We will oversee the entire process from start to finish. A mortgage broker ensures you not only secure the best rate and terms, but that there are no delays in funding your home purchase.
Getting pre-approved before you start shopping for a home prevents disappointment later. Many homebuyers believe the bank will lend them the money when they need it, based on their history with that institution. This is no longer the case.
The financing condition on your offer also has a deadline. If you cannot get a formal mortgage commitment by that date, you could lose the home of your dreams to another buyer. Whether by phone or online, we can pre-approve you within 2 business days, so you can shop with confidence.
Mortgage underwriting is where we review and verify income, employment, debt service ratios, source of down payment, and credit history. Do not accept a pre-approval that has not been fully underwritten by your lender or mortgage broker. If you are not being asked for an extensive document list, your pre-approval literally 'isn't worth the paper it's written on.'
If interest rates are on the rise, we can also provide you a rate hold.
Once your mortgage application is approved, the lender will ask you to sign a commitment letter. This letter outlines the terms of your mortgage, your rate, and stipulates additional conditions that must be met prior to funding on possession day.
Once final documents are approved, mortgage instructions will be forwarded to your lawyer.
Prior to closing day, you will meet with the lawyer to sign your mortgage documents. The mortgage funds are then forwarded to the seller's lawyer. Adjustments for property taxes, legal fees, and other applicable charges are handled at this time.
If your mortgage was for a refinance, switch or renewal, signing appointments will be made with either a lawyer or facilitating company, if appropriate.
Beyond Closing Day
Our work is not done once you take the keys to your new home! We are with you for the life of your mortgage, and beyond. Prior to your mortgage term coming due, we can review your finances at that time and recommend the best path forward. For example, based on new/current products available, you may decide to renew with a different lender entirely.
Despite our best laid plans, life changes quickly and often without notice. We'll be here to help you navigate your mortgage financing every step of the way!