Mortgage Process Guide

What to expect in the mortgage process. A convenient step by step guide to help you prepare and process your application in record time. 

 

 

1. Building Your Application

This step usually consists of a phone call with an agent to understand your file and what we are trying to accomplish. We will ask you for preliminary documents to start your file. These generally include the following. 

  1. Photo ID
  2. Proof of Income: Most recent paystub, 2 years T4s, employment letter. 
  3. APS & MLS (if you have already found a property you are purchasing). 
  4. Info on the other properties: Mortgage statement and property tax bill.


2. Submitting to Lenders

After putting your application together, we decided which lender best suits your file. This decision is made based on multiple factors, including your income type, how many properties you own, or if you're a first time home buyer. 


3. Signing Your Mortgage Documents

Once we receive your commitment from the lender, you will sign your mortgage documents, These documents include a breakdown of all fees associated with the process, a schedule of your payments and your mortgage application. 


4. Fulfilling Conditions

In the mortgage commitment, you have noticed a list of conditions needed to be met in order to complete your file. These are documents the lender requires in order to support the information given to them for your application. These documents can include the following: 

  1. Proof of Income: Most recent paystub, 2 years of T4's and employment letter.
  2. 90 days of savings or investment statements. 
  3. T4's, T4A's, T1 Generals, Notice of Assessments
  4. Info on other properties: Mortgage statement, property tax bill, leases, proof of condo fees. 
  5. Business Owners: Business License, Articles of Incorporation, 6 months business/personal bank statements, 2 years of business financials. 
  6. Proof of debts paid: Discharge statement from lender, credit card statements, bank statements showing payments, etc. 

5. Bonus Files

  1. Appraisals are required for the majority of refinances and purchases below 80% LTV.
  2. Provide us with your lawyer info or we can recommend one if you do not have one. 

  • What can I say, Steve and team worked tirelessly to help me secure a mortgage during a very exhausting process. This mortgage was not as simple as perhaps some of the others. My wife and I just moved back from a different city, had a 3 month old and I started a new job earlier in the year. It took me over 6 months to purchase a house and secure a deal. After the exhausting efforts during a very tough market, Steve and his team at SJC Financial gave me an opportunity to move forward and start my real estate investment journey. His tireless efforts, guidance and knowledge of the industry is what made this all possible. My situation was complex, my income was variable and the pandemic has made banks more insecure than ever... - Patrick and Stephanie
    Patrick Kiwan

Our Trusted Lenders

 

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