How to apply for your mortgage

Everything you need to know about your mortgage financing request

From your first meeting with your mortgage advisor to taking possession of your home, discover the process to follow to make one of the most important investments of your life.

Bet on a mortgage pre-approval

Simplifying your purchasing process is now possible with our online pre -authorization form . In addition to guaranteeing the sum of your mortgage and the interest rate for 90 days, an expert accompanies you in your last steps. Easy, right

Thinking of buying?

Have you calculated your monthly payments? How much down payment can you afford? Do you know the fees to be paid for the appraisal and the notary? Discover the six steps to help you  buy your first home .

Prepare for your meeting with the advisor

Before your meeting, think about your needs and your financial objectives: they form the basis of your purchase project. Discuss it with your spouse if necessary. Do you know your  credit report ? Find out, because the adviser must have an overview of your finances and it is essential that you are transparent.

Once your advisor has these elements in hand, he will be able to help you choose the type of financing, for example a  mortgage loan  or a  home equity line , that best meets your needs.

Gather your documents beforehand

Your advisor must consult various documents to assess your borrowing capacity with a view to applying for financing. These must in particular prove your income, establish your financial situation (investments, RRSP, etc.) and provide information on the property you are interested in.

Explore the link below for the list of documents to bring.

Can’t provide a 20% down payment? Get a  mortgage  with as little as 5% down with insurance from Canada Mortgage and Housing Corporation (CMHC), Sagen ™ (formerly Genworth) or Canada Guaranty ™ .

Apply for your mortgage financing

You have found the house of your dreams and you have made an offer to purchase? Present it to your advisor with all the  required documents , including proof of down payment and income (bank statement, etc.).

The appraisal comes next, because the Bank partly bases itself on the market value of the property to determine the amount of your financing. Sometimes, the Bank appoints a certified appraiser to visit the property: its fees are to be expected in this case. If all the conditions are met, your funding application should be accepted.

Did you know that it is possible to make a down payment via your  online bank ? It’s as easy as paying a bill! Ask your notary to give you a down payment coupon.

Cross the final threshold

Your notary 1  or lawyer registers the property in your name. You must then meet with him to sign the official documents (deed of sale, deed of mortgage, document attesting to the adjustment of municipal and school taxes). The Bank then remits the funds to the notary 1  or the lawyer in order to pay the seller.

Thereafter, you can continue to rely on your advisor when you modify your mortgage (accelerate the frequency of your payments, etc.) 2 . It also helps you assess the loan insurance that protects your mortgage if something unexpected happens that prevents you from repaying it.

Unlock the door to seamless homeownership by leveraging the expertise of a Mortgage Processing professional. Streamlining the complex journey of securing a mortgage, these professionals navigate the intricate application process with finesse. Trust in their knowledge to guide you through the intricacies, ensuring a smooth and efficient path towards your dream home.