| The Process |
 |
The first step to getting a mortgage is to complete an application with me. To do this, I will need some basic information. I will
need to know where you have lived and worked for the past 3 years, birth date, SIN number, a good idea of your assets and liabilities,
and some information on the property.
After the application, the lender will need;
- Income verification - if you are employed, usually a letter and recent pay stub will work. If you are
self employed or commissioned, we will need the last 3 years of tax returns for verification.
- Down payment - if you have the savings for the down payment, either from RRSP's or in your account, we
will need a statement of at least 3 months, with any large deposits explained. If you are getting a gift, we need a gift letter,
and proof that the gifted funds are in your account at least 15 days prior to closing.
- Property - the lender will need the contract of purchase and sale and the listing sheet for any purchases. If
this is refinance, the lender usually needs to know when you bought the house, and for how much. they will also need the specifics
on the house (size, how many bedrooms, etc.)
- Lawyer/Notary - the lender will require that you retain a lawyer or notary to ensure the legal work is done properly.
- Appraisal - the lender may require an appraisal, in which case I will facilitate that. This is your cost and you will get
the appraisal report.
After the documents are completed, the lender will give the lawyer/notary a list of things to do in order to release the mortgage funds.
The lawyer/notary will then call you and set up an appointment to sign the documents and bring in anything necessary.
Please note that getting as much done as early as possible will ensure that the closing is as smooth as possible. getting the letter from your
employer, and the down payment verification before you even finalize the deal is okay, and it gives you less to do later.
If you have any questions, please feel free to call me anytime.
|
 Back to Closing Costs Who is Involved  |
|
|
|
|
|
