As a mortgage broker in Kamloops, I feel it is essential for mortgage holders to understand the approval process. Whether purchasing, refinancing, or moving your mortgage to a new lender, clearly understanding the approval process is necessary. It’s a big financial commitment, so you’ll want to be sure you’re moving through the process confidently. Here is a general overview:
What’s your need?
First, we will review your situation so I can help you with any hurdles you may encounter and answer your questions. For instance, I can provide tips to help quickly bolster your credit score, a crucial aspect of obtaining an approval. If you are ready, we’ll move forward with completing the mortgage application. I will also inform you what documentation will be required to secure financing.
Once I have all your documents, I’ll recommend and submit your application to the best lender with the right mortgage product for your needs.
The lender will verify your employment and banking information, review your credit report, and ensure that your finances and the property meet all the qualifying guidelines for the mortgage. A property appraisal may be required. Your application will require mortgage insurer approval if you have less than 20% down. Don’t fully understand mortgage insurance, read this great article here.
If your application meets all the guidelines, we’ll receive a mortgage commitment, which means you are approved subject to certain conditions being met. We’ll review the lender’s conditions and ensure they’re satisfied and accepted so we get a “file complete.” You’ll sign the commitment and it’ll be returned to your lender. If you’re purchasing a home, you can waive your financing condition.
It’s important that you don’t make any significant changes to your income or debts before your mortgage closes.
Pre-Closing & Funding
You’ll meet with your lawyer approximately a week before your mortgage closes, who will advise what you need to bring. Your lawyer will submit the documents to be registered on the title and transfer the funds on closing day.
Some brokers would say goodbye at this point, but I think your mortgage is way too important. I’ll stay in touch throughout, exploring every option to save money and help you achieve your long-term goals. I’m with you every step of the way!
SIDEBAR – Get a pre-approval!
If you are shopping for a new home, work with a mortgage broker to obtain a pre-approval. You’ll get a mortgage rate that will be held for a specific period, anywhere from 90 to 120 days. This way, you won’t fall in love with a home you can’t afford. You may find that you’re ready for the house of your dreams and didn’t know it!
As a mortgage broker in Kamloops, my goal with my clients is to educate and guide them as they make one of the most significant purchases of their lives.
Are you looking to purchase, renew or refinance? Let’s talk!