Getting your mortgage finalized can be a significant process. At Mortgage Architects, we are obsessed with client care and we set high expectations to manage the process.
There are many phases and often everything can go very smoothly. Nonetheless, each step can entail; critical phases, third parties to deal with, and deadlines. We work with you along the way to manage every step to meet our high standards. Here is an overview of the process of getting a mortgage.
- Mortgage Milestones
Major documents on file.
Finalized. On file.
Subject to review of all documents.
Any repairs or upgrades needed?
8. Lawyer instructed
(Not needed with CMHC)
Need to achieve ‘File Complete’.
(Some lenders do this early)
(Any remaining items?)
You are a home owner!
Each milestone may be completed quickly and easily. Or any one (or several) of these steps may require an extra level of professional advice and service.
Even after approval of your mortgage, you can see from the above chart how there are still major steps to be completed. Conditions Submitted (7) to Final Review (9) are the phases that we really encourage current clients to focus on after approval. All mortgage lenders use the term 'File Complete' when we have achieved these steps.
Here is a little secret that many people are unaware of; lenders issue the approval first, but then onlycomplete the regulatory verificationsafter they receive the signed copy from you! This process can take several days. After it is completed, then the process of funding your mortgage (draw down of funds from the bond markets) can also take up to 5 more days! So you can see how even these last phases entail the lender dealing with third parties and needing more time than may be expected.
We manage all of these steps from the first contact with you! (i.e. We look for documentation issues that look possible, even remotely, from the very outset.) Your Mortgage Application (Documentation) Checklist is your guide to a great head start. Please refer to it throughout the process of finalizing your mortgage.
Remember, throughout the whole process we follow high standards, and our goal is to deliver a world-class experience to you! (Mortgage lenders and government regulators also want to provide client care, but their process may not feel like that to home buyers and home owners.) We will update you regularly throughout every step. Feel free to contact us at any time if you have any questions.