The lowdown on the mortgage approval processPosted on: 2021-01-27
The lowdown on the mortgage approval process
Whether you are purchasing, refinancing, or moving your mortgage to a new lender, it’s important to have a clear understanding of the mortgage approval process. It’s a big financial commitment so you’ll want to be sure you can move through the process with confidence. Here is a general overview:
What’s your need?
First, it’s important that we review your situation so I can help you with any hurdles you may encounter and answer your questions. For instance, I can provide tips that can help quickly bolster your credit score, a very important aspect of the mortgage approval process. If you are ready, we’ll then move forward with getting the mortgage application completed. I will also let you know what documentation you’ll need to collect to secure your financing.
Once I have all your documents, I’ll recommend and submit your application to the best lender with the right mortgage product for your needs.
The lender will verify your employment and banking information, review your credit report, and make sure that both your finances and the property meet all the qualifying guidelines for the mortgage. They will also order a property appraisal if required. Your application will also need mortgage insurer approval if you have less than 20% down.
If your application meets all the guidelines, we’ll receive a mortgage commitment, which means you are approved subject to certain conditions being met. We’ll review the lender’s conditions and make sure they’re satisfied and accepted so we get a “file complete” You’ll sign the commitment and it’ll be returned to your lender. If you are purchasing a home, you can then waive your financing condition.
It’s important that you don’t make any significant changes to your income or debts before your mortgage closes.
Pre-Closing & Funding
You’ll meet with your lawyer approximately a week before your mortgage closes, who will advise what you need to bring. Your lawyer will submit the documents to be registered on title and will transfer the funds on closing day.
Some brokers would say goodbye at this point, but I think your mortgage is way too important. I’ll stay in touch all the way through, exploring every option to save you money and help you achieve your long-term goals. I’m with you every step of the way!
Get a pre-approval!
If you are shopping for a new home, a preapproval will tell you how much you qualify for, what your mortgage payments will be, and you’ll get an interest rate that will be held for a specific period of time, like 120 days. This way, you won’t fall in love with a home you can’t afford, or you may find that you’re ready for the house of your dreams and didn’t know it. You’ll be shopping with a full wallet!
Happy Mortgage Client Testimonials
Excellent customer service, great product knowledge, easy to talk to-Lisa is a professional who enjoys her work and cares for her clients!
Trevor and Debbie
Lisa's kindness, professionalism and hard work made our purchase stress free. Thanks for everything and we cannot say how grateful we are as new residents to Saskatoon for all the help you have pro...
David and Mary
I have the opportunity to work with Lisa on a couple of occasions. She is professional and proficient in her job. I've appreciated her willingness to go above and beyond and explain all options av...
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Lisa has a very strong, clear knowledge in her field. I've worked with several others in the past, and Lisa has trumped them all. She has answered all my questions, made me feel very comfortable an...
We really enjoyed working with Lisa. Her excellent service and pleasant personality had led us to refer friends and family to her and they have all been very satisfied with their transactions
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