The Mortgage Process in Canada

We always advise our clients to get started right away so that we can:

  • hold rates for you for 120 days to protect against rate increases;
  • ensure that there are no surprises later in the process of purchasing your home, refinancing, or renewing your mortgage.

The following outlines the basic steps in the mortgage process and how we work with you along the way.

1. Mortgage Pre-Application

We need to collect the following information from you and anyone else who will be on the mortgage to get started. This will allow us to determine what you qualify for and what the best mortgage strategy/product is for you. You can either provide this information to us in person, over the phone or by email and we will be sure to respond right away. All of your information is held strictly confidential.

General

  • Current address (if less than 3 yrs, previous address as well) Do you rent/own? Monthly rent OR mortgage info?
  • Birth date
  • SIN
  • Assets and approximate value – i.e. RRSPs, savings, investments, vehicles, other properties, etc
  • Liabilities – i.e. car payment, line of credit, student loans, credit cards, etc
  • Contact number

Employment info

  • Employer (if less than 3 yrs, previous employer as well)
  • Title
  • Tenure
  • Salary

2. 120 Day Rate Hold

Regardless of whether you are purchasing, refinancing, or renewing your mortgage, once we have you in the system we are able to hold all the best variable and fixed rates for you at that time. This means that if rates rise during that period, you will be protected against increases; conversely, if they fall we will swap in the lower rate automatically. As an added service, we will keep in touch with you throughout this period to remind you when your rate is about to expire at which point you can roll over into a new 120 day rate hold if required.

3. Mortgage Commitment

Once you are ready to move forward with your purchase, refinance or renewal send us an email or give us a call. At this time, we will update any information on the application, if required, and will submit your deal to the bank to obtain a mortgage commitment for you to sign. There will be conditions to the mortgage, which will need to be satisfied including proof of employment, down-payment history, etc which we will need to collect from you if you have not already provided it to us.

4. Mortgage Instructions

Once we complete the work on our end, the bank will send the mortgage instructions to your lawyer or notary where you will sign the mortgage documents that will be registered on the title of the property.

5. Ongoing Planning & Support

Whether you chose a variable or fixed mortgage OR a shorter versus longer term, we will keep in touch with you periodically throughout your mortgage contract to ensure that everything is going smoothly and that you are well positioned given the ongoing changes to rates, rules and trends in the industry.

6. Referral Program

Our business has been built on referrals to your friends and family. To show our appreciation of your continued support we will pay you 10% of our commission when you refer a mortgage deal to us the successfully funds. Thank you!