The Mortgage Application Timeline
Although every scenario is unique, this is how most deals will unfold:
- You meet with me to discuss the purchase and to fully understand what I can offer.
Note: you may be just starting the search process or you may have already made an offer.
- If you wish to proceed, I take an application to better understand your income, assets and liabilities, down payment, and other items.
- I provide a list of documents that the lender will need to finalize the mortgage-these include employment letters, Notices of Assessment, pay statements, and proof of down payment.
- Based on your situation, I recommend the mortgage and lender that best fits your needs. The deal is submitted to the lender, who will then issue the Commitment Letter. The Commitment Letter outlines the rate, term, and conditions that need to be met before the approval is final.
- We work together to clear the conditions. Conditions typically include an appraisal, confirming income, other debts, and the down payment.
- You decide on the lawyer or notary that will use for the purchase. I work with the lawyer or notary at every step to ensure the transaction proceeds smoothly.
- Prior to the completion date, the lender submits mortgage instructions to the lawyer or notary. The lawyer can do nothing until these instructions are received.
- Once the lawyer or notary has the mortgage instructions, he or she contacts you to set up an appointment to sign the mortgage documents and to provide the exact amount of down payment that you will need to bring to the appointment.