January 25, 2019

What to expect during the mortgage process? Part 1

What to expect during the mortgage process? Part 1

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Manzeel Patel

Manzeel Patel

Mortgage Broker, LIC M11002628, Level #2

Manzeel is an award-winning Mortgage Broker and the Owner of the Toronto-based mortgage, Everything Mortgages. With 16 years of experience in the Canadian mortgage industry and a formal background in mortgage underwriting, Manzeel’s lending expertise gives him unique insight into whether a deal is feasible which empowers his clients to make more informed lending decisions faster. He has been recognized as one of Canada’s Top 10 Mortgage Brokers by the national Canadian Mortgage Professionals (CMP) Association. Him and his team of 18 mortgage agents are proud to offer a mortgage experience that's built on honesty, trust, and integrity. He prides himself on the brokerage’s dedication to deliver an excellent client experience throughout the entire home loan process from pre-approval to post-funding. Since moving to Toronto in 1998, Manzeel has successfully launched and scaled several businesses from the ground up, ranging from a mortgage brokerage and a vast real estate investment portfolio to a private financing eCommerce platform. He continues to be a leader in the real estate industry as he uses his analytical expertise to seek new real estate investment opportunities. As a tech junkie and avid sports enthusiast, when Manzeel’s not working with clients, you can find him  reading technology blogs, playing squash or watching tennis with his two boys.

307-18 Wynford Drive,
North York ON, M3C 3S2

manzeel@everythingmortgages.ca

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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.

What to expect during the mortgage process? Part 1

During the application process, you’ll be asked for information about:

  • Your income
  • The property being mortgaged
  • How you will pay for the down payment (if you’re buying a home)

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:

  • Discharge statement
  • List of assets/liabilities
  • Dividend sheet
  • Statement of affairs

Consumer proposal documents:

  • Discharge statement or certificate of full performance
  • List of assets/liabilities
  • Statement of affairs

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.

  • Conditions
  • Interest rate
  • Term
  • Amortization

Ask your broker to go over these details with you so you understand them.

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