Mortgage Tools
How much can I afford........
Knowing how much you can afford and how much the mortgage payment will be are necessary prerequisites......
Calculating your mortgage payment
Completing the application forms
Other tools
The first step in obtaining a Mortgage Loan for a Home is to fill out the Mortgage Loan Application. The Application will ask you for Name, Address, Social Insurance Number, Income, Assets, Debts and Payments etc...
You will need to give at least 2 years worth of Residence and Employment Information on the application.
Once you have completed the Application your credit will be checked and cross referenced with what you have given to make sure that your Debts are listed correctly and that your payments will fit the guidelines for the Loan that you are seeking. After your credit is checked and you fit the guidelines for your loan program your pre-approval will be issued. Once you are pre-approved several things will happen as your loan goes into the Processing Stage:
• A Property Valuation Appraisal will be ordered on your Home to make sure that the value of the property is enough for the Loan Program that you are trying to do.
• A Title Insurance Policy will be ordered on your Home to make sure that there are no additional Liens, Judgments, or any other items affecting your Loan. This Policy of Title Insurance will protect the Lender's interest in your Home as well as your own and the premium is paid one time at closing.
• Verifications of Rent, Employment, Deposit, etc. will be ordered as necessary to verify the information on your Loan Application.
• Once the Appraisal, Title and Verifications are assembled, an Underwriter will look over everything at once to make sure that the file is complete and if it meets the Loan Guidelines, a Loan Commitment will be issued and your Loan will be ready to close.
• At Closing there will be a Loan Document Package that you will sign with the Title Company's Closer. If it is a Purchase Transaction or it is a refinance of a Non-Owner Occupied Home the Loan will Fund after you are done signing your documents.
You will need to give at least 2 years worth of Residence and Employment Information on the application.
Once you have completed the Application your credit will be checked and cross referenced with what you have given to make sure that your Debts are listed correctly and that your payments will fit the guidelines for the Loan that you are seeking. After your credit is checked and you fit the guidelines for your loan program your pre-approval will be issued. Once you are pre-approved several things will happen as your loan goes into the Processing Stage:
• A Property Valuation Appraisal will be ordered on your Home to make sure that the value of the property is enough for the Loan Program that you are trying to do.
• A Title Insurance Policy will be ordered on your Home to make sure that there are no additional Liens, Judgments, or any other items affecting your Loan. This Policy of Title Insurance will protect the Lender's interest in your Home as well as your own and the premium is paid one time at closing.
• Verifications of Rent, Employment, Deposit, etc. will be ordered as necessary to verify the information on your Loan Application.
• Once the Appraisal, Title and Verifications are assembled, an Underwriter will look over everything at once to make sure that the file is complete and if it meets the Loan Guidelines, a Loan Commitment will be issued and your Loan will be ready to close.
• At Closing there will be a Loan Document Package that you will sign with the Title Company's Closer. If it is a Purchase Transaction or it is a refinance of a Non-Owner Occupied Home the Loan will Fund after you are done signing your documents.
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Calculating the amount of mortgage you qualify for.....
Mortgage process
Other mortgage related and financial tools.....
THEOS MORTGAGE EMBASSY
Member of the THEOS Business Services Network
Phone: (905) 766-2413
Fax: (905) 766-2416
Toll Free: (800) 377-4155
Mobile: (416) 402-9428
Email: info@mortgageembassy.com
Fax: (905) 766-2416
Toll Free: (800) 377-4155
Mobile: (416) 402-9428
Email: info@mortgageembassy.com
157 Harwood Avenue N., Unit 238, Ajax ON.
L1Z 0B6
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