During the Mortgage Application process, there are a number of steps that need to be followed.  I want to ensure that all my clients understand this process at each and every stage.  Mortgages seem so simple but they are actually complicated with tons of options to chose from and understand.  Whether you are buying or refinancing your home, I want to make sure that you get the perfect product for your family.  Here is a quick rundown of how I support my clients through this process:

  1. Meet to discuss your Mortgage Requirements, complete the Mortgage Application and what documents are needed ie income verification, etc.  Discuss your current and future requirements to determine what term and type of mortgage suits you and your family and what are you comfortable paying on a monthly basis.  I have a fabulous Excel spreadsheet to work our your monthly expenses
  2. Discuss what products are available, costs to arrange your mortgage and what programs are available (ie First Time Homebuyers)
  3. Determine amount of Down Payment based on a detailed list of expenses you will likely incur and need to consider
  4. Prepare a pre-approval on what amount you qualify for, either purchase or refinance of your home
  5. You are now able to make an offer to purchase with a condition on financing, home inspection or whatever conditions your realtor deems necessary
  6. Obtain a Commitment on financing from a Lending Institution that meets all your needs
  7. Meet to discuss the Commitment, Terms and Conditions ie prepayment privileges, etc
  8. Satisfy all conditions including obtaining an appraisal
  9. Get documentation to your lawyer so they can prepare your mortgage
  10. I have a detailed checklist for you to follow for the months before closing which includes items like: obtaining Fire Insurance, what utilities need to be arranged, suggestions for your move
  11. Work with you on your purchase/refinance until your Mortgage Closes, title is transferred into your name, you get your keys, your mortgage has closed and you move into your new home
  12. I like to stay in touch with my clients, so they can call me anytime to get clarification on their mortgage or just run things by me.  At renewal: have your current needs changed?  Can I obtain a better interest rate for you? Anything I can help with

In 90% of mortgages that I arrange, there is no fee for my service as I am paid a referral fee by the lender, so I am working for you!  I want to ensure that each and every client goes into their new home with the knowledge of what a Mortgage is and how it impacts their lives and finances.  This is the biggest investment most of us will ever make in our lifetime, you need someone like myself that cares about you and your finances, you are not just a number to me!  Let me help you through this process.

Colleen Saunders is a 20 year veteran in the mortgage industry, serving Oakville,  Burlington, Mississauga and Toronto and offering all mortgage related services such as 1st & 2nd mortgages, private mortgages and more.

To contact Colleen, please fill out the form on  www.mortgagesbycolleen.ca  or call 416-459-2406