If you are feeling overwhelmed about the entire mortgage process, I want to tell you that it is simple. Your mortgage agent or broker should be doing all the work for you! (That’s my job!)
There are 5 main steps in the process.
- Information Gathering – A phone call to determine the needs, both immediate and future.
- Application – can be done over the phone or via email. I’ll provide the list and you provide your documents which may include:
- income statements (pay stubs or T4s)
- tax returns and/or notice of assessments
- T4As and bank statements
- Lender Contact – Your application is sent off to the lender for review & approval.
- Final Application – An appraisal is ordered and any final documents are requested from you. Lender’s documents are sent to you for review and signing.
- Legal Review – All legal documents are then sent to your lawyer or the FCT (First Canadian Title) and you are required to meet them to do all the final signatures.
It seems more daunting than it is. The agent or broker’s job is to make these steps easy for you to follow.
Lisa was recommended to me and I can’t be more pleased with the service that she and Wendy provided. Professional, available and responsive to all inquiries. Lisa was able to get me a great rate with little to no effort on my part – I provided the info and she did all the work. Was a seamless transition to my new lender and I would recommend her to all.Stephanie S.