Mortgage Journey

• This is the first step in your mortgage journey. It is an opportunity for our experts to discuss your financial goals, timeline, budget and priorities
• We will provide an overview of the steps involved
• Please feel free to ask questions and get expert advice tailored to your situation

• We have successfully received your mortgage application! Our team is now entering the critical document verification stage, where we’ll carefully review your financial documentation to evaluate your mortgage eligibility
• Stay prepared to provide necessary financial documentation. We’re here to help!

• Your key mission now is to compile and submit the specified documents. Consider this your first crucial step in constructing the financial blueprint for your mortgage approval
• Our team is now carefully analyzing your financial profile: Verifying income streams, evaluating asset portfolio, and examining credit history

You’ve successfully met all the initial mortgage qualification requirements. Congratulations on reaching this significant milestone in your homeownership journey!

• A lender has reviewed your financial profile and is prepared to extend a mortgage offer
• We can lock in (rate hold) the competitive rate for you for a specific time period

We’re in the critical stage where:

• Lender performs comprehensive verification
• Assessing your complete financial profile
• Confirming property valuation
• Validating creditworthiness

You’ve reached a significant stage in your mortgage journey!

• A conditional mortgage approval is a preliminary green light from a lender indicating they are likely to approve your loan, contingent upon meeting specific requirements
• Proactive mortgage approval management: As your mortgage broker, we’re actively engaging with the lender, tracking requirements and fulfilling documentation
• Be sure to stay connected to respond to questions and requirements!

This is a defining moment in your journey as your appraisal will directly impact your borrowing potential (how much loan you’ll get!)

• An appraisal validates the property’s market value, and that it matches its negotiated purchase price, or the value declared during a refinancing process
• An appraisal provides lenders with an independent, professional evaluation of the property’s true financial worth
• The appraisal will cost a small fee to ensure you’re making a sound real estate investment

• This is the stage when your property will be assessed by an unbiased appraisal company
• Purchasing property: As your mortgage broker, we will coordinate with the real estate agent for appraisal scheduling
• Refinancing: Presentation matters! A well maintained, uncluttered and well maintained property inside and out will give the appraiser a good impression

Another milestone completed!

• The lender will now conduct a comprehensive review of appraisal details, verifying the property’s market value, and evaluate it against your loan application parameters
• Purchasing property: If the appraised value aligns with the property’s purchase price, you’re moving in the right direction. However, if discrepancies arise, we’ll collaborate with you, your real estate agent, and the appraiser to address any concerns and ensure the valuation accurately reflects the property’s true worth
• Refinancing: If the appraised value falls short with expectations, we can consider making adjustments to the valuation. It is crucial to provide the lender with convincing and accurate figures. Once they are confident in the valuation, the process will move forward seamlessly

Subject removal isn’t just a procedural step—it’s a financial green light signalling institutional confidence in your economic stability

• As the borrower, your credibility is confirmed by the lender after thoroughly examining your income verification, credit history, debt to income ratio, and property appraisal
• Successfully navigating subject removal signifies major psychological breakthrough as the borrower! This transitions you from potential buyer to committed purchaser!
• Financial dynamics: Be transparent about any shifts in your income and employment. New position, employment status, salary modifications, employer switch etc. Update us with any credit profile alterations, such as new credit applications, loan acquisitions, debt fluctuations, or credit score modifications
• Critical Warning🚨 Undisclosed Changes Can Derail Your Entire Transaction 🚨

You’re Almost Home! Your mortgage adventure is hitting the final stretch! 🎉 We’ve just sent all the important mortgage details to your lawyer, who’s now working behind the scenes to make your property dream a reality. Your lawyer is now carefully crafting the legal foundation that will transform those mortgage papers into your new home.

• Understanding the Statement of Adjustments: The Statement of Adjustments, prepared by your lawyer, is a vital document that details key financial adjustments related to your property purchase. It includes items such as prepaid property taxes, utility balances, and other prorated costs. Reviewing and understanding this document thoroughly before your appointment with your lawyer is essential to ensure accuracy and avoid surprises
• Preparing for your lawyer appointment:

1. Paperwork: Time to collect your important documents! Grab your homeowner’s insurance and any extra policies you might need. Pro tip for strata property buyers: check what insurance is already covered by your building’s strata corporation - you might save some cash!
2. Payments: Your lawyer is your financial GPS, providing a clear breakdown of all the costs. One big heads up: bring a bank draft cheque to closing. Personal cheques are often not accepted!

• Funding day: This is when your lender sends the mortgage funds to the lawyer or notary
• Closing day: The day you’ve been dreaming about! You’ll sign the final papers and receive the keys to YOUR new home!
• Settlement statement: Your financial roadmap - A detailed breakdown of every dollar involved in your purchase. Take a moment to review it carefully
• New development walk-through: For new properties, you’ll do a final inspection. Think of it as a first date with your future home - making sure everything looks perfect!
• Mortgage payments: Know your payment dates. Consider setting reminders or automatic payments
• Property taxes - stay informed: Understand when and how your property taxes are handled