Application Process Overview
A Mortgage Application has three stages:
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Interview – The Mortgage Broker gathers personal and financial details to assess qualification.
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Evaluation – The Mortgage Broker selects suitable lending products and submits recommendations to lenders.
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Approval – Lenders provide a credit decision with conditions the applicant must meet before funds are released. The Mortgage Broker presents the credit approval with conditions to the Applicant(s) along with the deadlines and funding timelines.
Interview
Meeting your Mortgage Broker
The initial stage is crucial—success depends on alignment between the Applicant and Mortgage Broker.
The Broker gathers key financial details, including income, assets, and debts, and suggests solutions for credit issues.
Applicants must provide accurate and verifiable information to avoid delays. Even weaker applications may be approved if presented transparently with a strong case for exceptions.
To ensure a positive experience for the applicants and avoid delays, Mortgage Brokers typically collect income documentations at the start to streamline the process.
Evaluation
Mortgage Broker presents application to their Lending Network
A highly experienced Mortgage Broker with an extensive lender network excels at structuring applications for optimal approval. They highlight Applicant strengths and anticipate Lender concerns, addressing risks through clear explanations or credit recommendations that satisfy both the Lender and Applicant. Their expertise ensures the best credit decisions—maximizing loan amounts, securing favorable terms, and expediting approvals.
Approval
Reviewing Credit Decision and Satisfying Conditions before Funding
Before finalizing a mortgage, the Mortgage Broker and Applicant(s) review the approved application to understand key terms, including loan amount, interest rate, and fees. They must also ensure Lender conditions align with the Purchase & Sale contract. If funds are used to pay off an existing mortgage, timing the funding date with the renewal date helps avoid penalties. An experienced Mortgage Broker anticipates challenges in meeting these conditions within the set timeframe. Once requirements are met, the Lender instructs a Solicitor (Lawyer/Notary) to prepare mortgage documents, collect signatures, and register the mortgage at the local Land Title Office. The Solicitor then releases funds to the Vendor in a purchase or to the Lender of an existing mortgage, with any excess going to the borrower.