Mortgage approval process
Requesting a pre-qualification or pre-approval allows you to shop for a property within your price range with the comfort of knowing that financing is available, subject to the lender reviewing the desired property. A pre-approval, based on your current financial review and credit check, determines the amount you can borrow, the size of your mortgage payments and your interest rate, which is then guaranteed for a maximum of 120 days.
THE APPLICATION & CREDIT BUREAU
At this stage we request and collect all the required information that the lenders will require to determine financing approval. With the client’s consent, we complete the necessary credit bureau check to determine your credit rating. We can collect this information in person, by telephone, by emailing an application, or utilizing our online application process.
SUBMITTING THE DEAL
Once we have gathered all the necessary information from the clients we then electronically submit to the lenders for approval.
PROCESSING / UNDERWRITING
Your file is now under review by the lender, we will have a response from the lenders within 1-2 business days.
Upon approval of your file from the lender detailed documentation will be required to complete the process. We will provide you with a “check list” of documents required and always make this aspect of the process as smooth and seamless as possible.
The final stage, your file is now Broker complete. This part of the process is transparent and seamless, between us the Broker, the Lender, your lawyer, and our client. On the date of closing, funds will be released at the clients’ lawyer’s office and the transaction complete.