January 25, 2019
January 25, 2019
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A mortgage is a big transaction that involves a substantial amount of money, which is why we have developed this 5-part series to help you ease your mind.
Part 1: the application
You are ready to take the first step into home ownership or, you’re ready to refinance. This is going to help you get through the process more easily.
During the application process, you’ll be asked for information about:
Your broker will pull a credit report and share it with the lender, so that they have details on any outstanding debts as well as your credit score.
If you have had a bankruptcy or consumer proposal, you will need to supply all supporting documents before being issued a mortgage commitment.
Bankruptcy documents:
Consumer proposal documents:
If your application falls within the lender’s guidelines, they will then send your broker a commitment that will outline the details of your mortgage.
Ask your broker to go over these details with you so you understand them.