One of the best ways to make the residential mortgage process go as smoothly as possible is to be prepared for what you’re likely going be asked by various mortgage lenders.
The basic residential mortgage process can be broken down into these three steps:
First, you’re going to be asked to complete a personal profile or application form. Some of the information required will vary from lender to lender, but all will require you to provide at least the following:
The last part of the application form will include an authorization statement that allows the lender to access your personal credit report as part of the application process. By signing and dating the application form you are confirming that the information provided is accurate and that you are providing your consent for the mortgage provider to access your personal credit profile.
The second part of the application process is to confirm your income, down payment, and property value. Here are the most common verification steps:
Once all the documentation has been received and verified, the last step in the residential mortgage application process is the mortgage approval. The mortgage lender will provide a written mortgage approval for you to review and sign. In addition to signing off on the mortgage approval, you will also have to provide a void cheque for setting up a preauthorization payment, and the contact information of your lawyer.
The lawyer will receive all the legal documents and mortgage instructions which he or she will review with you prior to your execution of the legal documents that will complete the mortgage process.
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I'm a Toronto Mortgage Broker that arranges mortgage solutions on residential and commercial real estate property. With over 30 years of mortgage financing experience, I'm able to quickly assess your financing requirements and provide relevant solutions for your immediate consideration. Joe Walsh Google+ YouTube Channel