The Mortgage Process
Applying for a mortgage can be overwhelming if you don’t
have a complete understanding of the mortgage process. Our mission
at Canada First Mortgage is to make this process as easy as possible.
The following are general examples of what you may expect from
beginning to end of a typical mortgage transaction.
Step 1: The Mortgage Application
| » |
You will be required to provide some personal
information such as name, address, SIN numbers and birthdates. |
| » |
Employment Information, duration, and salary. |
| » |
Current mortgage information (if applicable) |
| » |
Assets and Liabilities |
| » |
Authorization for access to credit bureau. |
Step 2: Mortgage Supporting Documentation
| » |
Employment Verification: A current Letter
of Employment and pay stub will be required. You may also
be asked to provide last years T4’s or Notice of Assessments
for further history. If you are Business for self, you will
be asked to provide your last 3 years of Revenue Canada
Notice of Assessments and possibly financial statements
for your company. |
| » |
Purchase Agreement (if applicable) |
| » |
MLS listing or Feature Sheet (if applicable) |
| » |
Sale Agreement for your current home and mortgage statement
(if applicable) |
| » |
Condo Financial statements (if applicable) |
| » |
Down Payment: If down payment is coming from a savings
account, you will require the last 3 months of bank statements
to verify an accumulated savings. If down payment will be
by way of gift, donor must be an immediate relative and
sign a gift letter verifying that the down payment will
not have to be repaid. As well, you will be asked to provide
proof of deposit of the gift funds into your account. If
down payment will come from an investment, you will require
your last statement verifying value of funds. |
| » |
Appraisal: You will require an appraisal of the property
you are purchasing/refinancing if you have more than 25%
down payment/equity as these are conventional mortgages
and are not insured by CMHC. |
Step 3: Mortgage Approval
Upon approval of all required documentation, you will be required
to sign a mortgage approval form, provide a void cheque for payment
withdrawal, and provide your lawyer information.
Once you have satisfied all conditions, your lender will then
forward your mortgage instructions to your lawyer, who will call
you for an appointment to sign all of your legal documents.
|
