Mortgage Pre-Approval Services

Mortgage Broker in Vernon, Okanagan

The lowdown on the mortgage approval process

Whether you are purchasing, refinancing, or moving your mortgage to a new lender, it is important to have a clear understanding of the mortgage approval process. It is a big financial commitment so you will want to be sure you can move through the process with confidence.

I have put together a general overview:

What’s your need?

First, it’s important that we review your situation so that I can help you with any hurdles you may encounter and answer your questions. For instance, I can provide tips that can help bolster your credit score, a very important aspect of the mortgage approval process. If you are ready, we’ll then move forward with getting the mortgage application completed. I will also let you know what documentation you will need to collect to secure your financing.

Application processing

Once I have all your documents, I will recommend and submit your application to the best lender, who has the right mortgage product for your needs.

The lender will verify your employment and banking information, review your credit report, and make sure that both your finances and the property meet all the qualifying guidelines for the mortgage. They will also order a property appraisal if required. Your application will also need mortgage insurer approval if you have less than 20% down.

If your application meets all the guidelines, we will receive a mortgage commitment, which means you are approved subject to certain conditions being met. We will review the lender’s conditions and make sure they’re satisfied and accepted so we get a “file complete”. You can then sign the commitment and it will be returned to your lender. If you are purchasing a home, this is when you can waive the financing condition to your purchase.

It is important that you don’t make any significant changes to your income or debts before your mortgage closes.

Pre-Closing & Funding

You will meet with your Lawyer or Notary approximately a week before your mortgage closes. Your lawyer will submit the documents to be registered on title and will transfer the funds on closing day.

Follow Up

I will stay in touch the whole way through, exploring every option to save you money and help you achieve your long-term goals. I’m with you every step of the way!

Important Side Note: Get a pre-approval!

If you are shopping for a new home, a preapproval will tell you how much you qualify for, what your mortgage payments will be, and you’ll get an interest rate that will be held for a specific period of time. This way, you won’t fall in love with a home you can’t afford, or you may find that you’re ready for the house of your dreams and didn’t know it. You’ll be shopping with a full wallet!

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