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The Mortgage Approval process

January 24, 2022


Step 1

PRE-APPROVAL – find out how much you can afford
•Call Mortgage Dave to get preapproved
•(takes approximately 1O minutes) – in this step we will discuss the amount you qualify for, options on prepayments, terms, etc. and customize your mortgage for your unique needs.
•A pre-approval also allows us to hold a mortgage rate for up to 120 days while you shop.
•Shop for a new home and finalize a purchase with your realtor.
•Realtor sends me the required documentation.

Step 2
•I submit the deal to the chosen lender for approval.
•I will need proof of employment (a job letter and paystub if employed and the last two years notice of assessments and Tl generals if self-employed).
•The bank may ask for other documentation re down payment etc.- this can be emailed to me.
•Get the home appraisal and inspection if needed/ wanted (no appraisal needed for high ratio insured mortgages).
•We meet to sign the mortgage commitment and other documents (this can be done by Zoom if we cannot meet face to face).
•You advise me who your lawyer/notary is.
•Now that we have met all the conditions of the lender you can remove your subject to financing clause on the purchase contract.

Step 3
•About a week before closing the lender sends the mortgage instructions to your lawyer/notary.
•Your lawyer/notary will call you for an appointment to sign the mortgage documents.
•The lawyer/notary will advise of everything you need to bring, such as:
•Balance of down payment
•Proof of home insurance, etc…
•Once everything is signed at the lawyers/notary you just have to wait for possession day.

Step 4
•Completion Date arrives- Mortgage process completes and lawyer/notary transfers funds to appropriate parties.
•Possession Day arrives- You get the keys and move in to your new HOME!

Step 5
UNPACK, CELEBRATE, RELAX & enjoy your new home! 
•Buying your first home can be exciting and a bit frightening all at the same time. Remember that there are no stupid questions. If something doesn’t make sense or you have a question, just ask.

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