Embarking on your homebuying journey? Familiarizing yourself with the mortgage application process is essential for a smooth experience. Let's break it down into simple steps:
1.Pre-Approval:
Before house hunting, secure a mortgage pre-approval to determine your borrowing capacity and show sellers you're a serious buyer.
2.Shopping Around:
Once you've found the perfect property, your broker will research and negotiate with multiple lenders, including smaller institutions beyond the big 5 banks, to find the most competitive rates and products tailored to your individual situation.
3.Documentation:
Once you’ve narrowed down the right lender, your broker will help you gather and submit the necessary documents.
4.Appraisal:
Your lender may require a property appraisal to confirm its market value and ensure it's worth the mortgage amount.
5.Mortgage Approval:
After reviewing your application and supporting documents, your lender will either approve, decline, or request additional information.
6.Closing Process:
Once approved, you'll sign the mortgage agreement, finalize your down payment, and complete any additional closing procedures.
7. Move-In:
Congratulations! With your mortgage secured, you can now move into your new home.
Alexander Gasenko, Mortgage Broker
DLC Maple Mortgage Group, Lic #13415
DLC Maple Mortgage Group, Lic #13415
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