216 Oak Park Blvd #114, Oakville, ON L6H 0T8
647-883-3593
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647-864-5854
01
The Mortgage Process
Pre-Approval
We review your application, support documents, and credit reports to ensure they support a mortgage approval. We determine the best lenders for your needs. Most lenders can hold a rate for up to 120 days for a certain amount of funding, provided nothing changes in your financial situation.
If at this point you decide you would like to move towards a live approval, we need a specific property identified by either an Offer to Purchase or property details, and for refinancing, a mortgage statement. If you're purchasing a property, this stage allows you to pause, review properties, and negotiate an offer.
02
Sending for Approval
Once you've selected a property and we're set to proceed, we update your application with specific property details and financing deadlines. Here we evaluate your application with our preferred lenders to identify the lender offering the most advantageous rates and terms tailored to your needs.
Subsequently, we submit your loan application along with all pertinent property information to the selected lender.
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During this phase, we collaborate closely with your chosen lender to complete the mortgage approval process and arrange for fund disbursement.
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Lender Underwriting is typically completed within 7 days from submission.
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03
Conditional Commitment Processing (usually 1 - 4 days after lender approval)
Once approved, you'll receive an electronic commitment with conditions such as income, assets, employment, and property details. After discussing and accepting the terms, we'll work to satisfy these conditions quickly. Once everything is in order, funding approval triggers mortgage instructions to your lawyer, and we notify you and your Realtor (if applicable) in writing.
04
Pre-Closing (typically 7 - 10 days after 'file complete')
Your lawyer will collaborate with the lender to register the mortgage with the Land Titles Office and, for purchases, transfer the property title to you. If applicable, you or your Realtor must supply your lawyer with a fully executed Offer to Purchase.
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You'll need to schedule a meeting with your lawyer to sign documents, provide your down payment and closing costs, and fulfill any remaining conditions (such as proving payment of specified debts).
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During this phase, it's crucial to maintain stable employment, financial standing, and credit, as the lender's approval could still be contingent on these factors.
05
Closing Day (usually finalized by noon on the funding/possession date)
On this day, the lender sends funds to the lawyer's trust account, from where they are disbursed accordingly.
For purchases, your Realtor will hand over the keys, and the lawyer will register the property under your name on the title. This marks the formal closure of the loan process.