How To Get Approved With Us
Navigating the mortgage approval process can be a complex endeavour. At TheBroker.ca Ltd., we streamline this journey for our clients in Ontario, ensuring clarity and ease at every step. This article outlines the structured approach we take to secure mortgage approvals efficiently.
Step 1: Initial Consultation
Our process begins with a personal consultation to understand your property goals and your financial situation. This initial consultation is important, as it allows us to tailor our advice and services to align with your unique objectives and financial health.
Step 2: Gathering Your Documents
The next phase involves gathering your essential documentation. The documents you provide to us include, but is not limited to, verification of income and details regarding your down payment sources. We thoroughly evaluate these documents to assess your mortgage eligibility.
Step 3: Completing the Application
Filling out the mortgage application is a critical step, whether done digitally via our website or through a physical paper form. Alongside this, we require your consent for a credit check and two forms of identification to proceed.
Step 4: Submitting the Application
Upon receiving your completed application, we conduct a thorough review, including a credit inquiry and confirmation of the provided information. Subsequently, on your behalf, we present your application to a suitable lender.
Step 5: Awaiting Approval
The next steps is the lender’s assessment of your application. Approval results in a commitment letter detailing your mortgage conditions. This is essentially your mortgage approval letter. In the event of a non-approval, we communicate the rationale and strategize on addressing any lender concerns.
Step 6: Accepting the Mortgage Offer
Should the commitment letter align with your expectations, we move forward with your acceptance of the mortgage offer. It is our responsibility to ensure you fully understand all contractual elements prior to signing any agreements.
Step 7: Submitting Signed Documents to the Lender
After you’ve signed the mortgage offer, we send your paperwork to the lender for their review. The lender will do their due diligence, which involves verifying the documentation, calling your employer to verify your employment and determine if additional documents are needed.
Step 8: Arrange for an Appraisal
In cases where property appraisal is necessary, we coordinate with a certified appraiser to determine the property’s market value. The resulting appraisal report is then submitted to the lender for review.
Step 9: Satisfy Approval Conditions
Upon meeting the lender’s approval conditions, we receive notification that your file is marked as LENDER COMPLETE, meaning that all the broker and lender work on your file is COMPLETE. At that point, a lawyer takes over to do the legal work needed to close the transaction.
Step 10: Closing Date
On the closing date, the lawyer will perform the final steps of the purchase, register and transfer the ownership of the property in your name, and provide you with keys of your new home.
To maintain the integrity of your mortgage approval, it is crucial to avoid significant financial changes before the closing date. Changes in employment, accruing additional debt, or substantial purchases can adversely affect the approval status.
At TheBroker.ca Ltd., we are dedicated to guiding you through each phase of the approval process. For inquiries or assistance, we are readily available to provide support.
*Note: The outlined steps pertain to home purchase approvals. For refinancing or lender transfers for existing homeowners, the process mirrors the above, excluding the purchase-specific elements.
Reach out to us if we can assist you with applying for a mortgage, whether that be purchase, refinance or changing lenders. We are available by phone (519) 252-9665 during regular business hours, and by email around the clock.