Skip to content
Freeze your rates for the next 120 days GET YOUR RATE

Mortgage Services

Obtain a mortage pre-approval

Planning to buy a new home or you want to invest? your real estate broker and you are redy for visits? Here is what you need to know about mortage pre-approval.

Your pre-approval in 5 steps

Step 1

1. Mortgage pre-approval: The Application Form

Getting a mortgage pre-approval is the first step to making your real estate dream a reality. The first step is to compare mortgage rates and then apply to each bank.

Because Canadian law requires banks to record every refusal, this is a dangerous option. If all of the banks you contact sign this pre-approval, nothing happens. However, if you are rejected, your credit record will be harmed.

Your mortgage broker will only supply them with your banking information, never your identity, if you use a mortgage broker to compare prices from various financial institutions. Your credit file will not be harmed if you are declined.

Your mortgage broker’s goal is to convince or deter you from submitting your application to a certain institution. As a consequence, it’s vital to acquire your mortgage loan at the greatest rate and the quickest time feasible.

 

What is the aim of a mortgage pre-qualification?

Pre-qualification for a mortgage is necessary to:

  • Make sure you know how much money you have available.
  • You should be able to communicate with the seller and have your offer considered.
  • Make certain you obtain a rate guarantee.
  • Obtain all of the preliminary documentation required for the purchase.

Obtain a mortgage to purchase a home.

A MORTGAGE PURCHASE PROCESS

When buying a property, you may want to go through a certain financing process. This is a lengthy procedure that must be followed in order to obtain the required loan. Documentation, the loan application, supplemental paperwork, and closing will all be covered in this piece.

Mortgage Services

A PROPERLY COMPLETED LOAN APPLICATION

Before granting you money, your financial lender will want a substantial quantity of documents. To verify that you can repay the loan, they will examine your financial details, credit score, and job history. The purchase agreement, appraisal, rent, security deposit, and any other mortgages, as well as pay stubs, tax returns, bank statements, bankruptcy filings, divorce decrees, and any other documents the lender thinks necessary are all included in the documentation.

Mortgage Services

The application

Lenders need you to fill out a loan application in addition to giving extra financial details. The underwriter is the bank employee who will oversee the transaction. Between the borrower and the insurance company, the loan officer will act as a middleman. The underwriter will either approve the loan or seek further documentation.

Mortgage Services

CLOSING AND ADDITIONAL DOCUMENTS

Specific requirements may be communicated to the officer by the insurer. There’s no reason to be concerned because we’ve reached the conditional approval stage. These restrictions will be lifted as soon as the relevant paperwork are presented. You will be needed to sign an approval acceptance form after your loan has been authorized.

Don’t be surprised if the loan officer asks for a lot of documentation when you’re buying a house. Ensure that these materials are accurate and current.

What does a mortgage renewal entail?

What are the steps to renew a mortgage?

The interest rate on your mortgage might be set for 10 years or variable for six months. In any event, when your mortgage term comes to an end, it’s always a good opportunity to renew your agreement and investigate the many financing options available to you based on your current financial situation.

Throughout the life of a loan, which is normally amortized over 25 years, a mortgage renewal occurs several times.

You want to: Reduce your debts, invest, expand, renovate.

Then use the equity in your property to fulfill your dreams.

Mortgage refinancing is a financial strategy that may be both thrilling and advantageous. It has the potential to give your budget a new lease on life. All of your personal debts may be consolidated, and you can start anew with a much lower interest rate.

Refinancing can be done for a variety of reasons, including:

  • Renovate your residence
  • Make real estate investments or buy a second home.
  • Put some cash into it.
  • Open a mortgage line of credit to improve your financial security.
  • Take advantage of the most cost-effective options.
  • Create your own business.

Advance refinancing might be beneficial to your financial situation.

Whatever your motive for expediting your renewal or refinancing, be aware that you will be assessed an interest penalty owing to a breach of your current contract. Before you take any action, check with your bank to find out how much your penalty is. “What will my penalty be if I sell my house?” is a simple question to ask yourself. Then we’ll talk about it with you to see whether it’s something you’d be interested in.

With all of the new mortgage restrictions, we may refinance up to 80% of the market value. Whether it’s for your own house (condominium, second home, duplex, triplex, or quadruplex) or for rental properties up to four plexes.

We can refinance up to 80% of the market value with all the new mortgage rules. Whether for your current residence (condominium, second home, duplex, triplex, or quadruplex), or for rental properties up to 4 plexes.

Get quick mortgage offers

Call Now ButtonAppelez-moi !