TMG The Mortgage Group
How to Get a Mortgage: Step-by-Step Guide
Step1
Mortgage Pre-Approval
Contact me to complete your application, providing income and down payment documents. I will assess your credit score (access your free credit report here) and recommend the best mortgage options based on your affordability. Avoid changes to your employment, finances, or credit until possession day, as they may affect your approval. Always consult before making financial decisions during the process.
Step 2
Find Your Home
Once you’re pre-approved, begin house hunting! Work with a realtor to find the perfect property. If you're not already working with a realtor, I can provide excellent references to ensure you're in good hands every step of the way. Once you find it, make an offer and wait for the seller’s response. If the seller likes the offer, they will accept it, or they may counteroffer.
Step 3
Offer Accepted
If the seller accepts your offer, you’ll need to write a deposit cheque, which goes toward your down payment. You will also arrange for a home inspection and an appraisal to ensure everything’s in good condition.
Step4
Mortgage Approval
Once the inspection is complete and everything checks out, I will work with you to secure mortgage approval from the lender. You’ll sign all necessary paperwork.
Step 5
Remove Conditions
Once all conditions are satisfied, I will help you remove them from the offer, making the deal “firm.” At this point, the property is officially yours, and you can’t back out without risking your deposit.
Step 6
Arrange Home Insurance
You’ll need to set up home insurance for the property. Your insurance company will send confirmation of coverage to your lawyer, and your lender will also be listed as the loss payee.
Step7
Mortgage Protection Insurance
It’s a good idea to consider Personal Life, Disability, or Critical Illness Insurance to protect your ability to make mortgage payments in case something unexpected happens. TMG offers mortgage insurance called TMG Assure through Canada Life, which can help ensure that you’re covered in case of illness or disability.
Step8
Meet with Your Lawyer
A few days before possession day, you’ll meet with your lawyer to finalize everything, including the transfer of the property and registration of the mortgage. If you don’t have a lawyer already, I can provide excellent references. Your realtor and mortgage broker will also send all necessary paperwork to the lawyer ahead of your meeting.
Step 9
Possession Day
Congratulations! On possession day, you’ll pick up your keys from your realtor and do a final walk-through of the property to ensure everything is in order.
Step 10
First Payments
Once you’ve moved in, your first mortgage payment and property tax installments will be automatically withdrawn from your bank account.
Start Your application today!
Whatever your mortgage needs are, I’ve got you covered!