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Canada Mortgage Approved :: The Mortgage Process
Applying for a mortgage can be
overwhelming if you don’t have a complete understanding of
the mortgage process. Our mission at Canada Mortgage
Approved is to make this process as easy as possible.
The following are general examples of what you may expect
from beginning to end of a typical mortgage transaction.
Step 1: The Mortgage
Application
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You will be required to provide some
personal information such as name, address, SIN
numbers and birthdates.
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Employment Information, duration, and salary.
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Current mortgage information (if applicable)
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Assets and Liabilities
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Authorization for access to credit bureau.
Step 2: Mortgage
Supporting Documentation
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Employment Verification: A current
Letter of Employment and pay stub will be required.
You may also be asked to provide last years T4’s or
Notice of Assessments for further history. If you
are Business for self, you will be asked to provide
your last 3 years of Revenue Canada Notice of
Assessments and possibly financial statements for
your company.
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Purchase Agreement (if applicable)
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MLS listing or Feature Sheet (if applicable)
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Sale Agreement for your current home and
mortgage statement (if applicable)
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Condo Financial statements (if applicable)
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Down Payment: If down payment is coming from a
savings account, you will require the last 3 months
of bank statements to verify an accumulated savings.
If down payment will be by way of gift, donor must
be an immediate relative and sign a gift letter
verifying that the down payment will not have to be
repaid. As well, you will be asked to provide proof
of deposit of the gift funds into your account. If
down payment will come from an investment, you will
require your last statement verifying value of
funds.
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Appraisal: You will require an appraisal of the
property you are purchasing/refinancing if you have
more than 25% down payment/equity as these are
conventional mortgages and are not insured by CMHC.
Step 3: Mortgage Approval
Upon approval of all required documentation, you will be
required to sign a mortgage approval form, provide a void
cheque for payment withdrawal, and provide your lawyer
information.
Once you have satisfied all conditions, your lender will
then forward your mortgage instructions to your lawyer, who
will call you for an appointment to sign all of your legal
documents.
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