SERVING Newfoundland - MOBILE
Mortgage Brokers St. John's, 754-7607
C 709-743-9570   P 709-754-7607

Your Mortgage Is Approved! Here's What Happens Next.

Thank you for entrusting us with your mortgage.

There is still work to do to get your mortgage finalized. At Mortgage Architects, we are obsessed with client care, so we set high expectations to manage the process. Here is how we manage the process with each Mortgage Milestone;

                                   -   Mortgage Milestones

1.Application 2,Pre-Approval 3.Purchase Agreement 4.Approval 5.Inspection
Income assessed. Major documents on file.    Finalized. On file. Subject to review of all documents. Any repairs or upgrades needed?
6.Appraisal 7.Conditions submitted 8. Lawyer instructed 9.Final Review 10.Mortgage funded!
(Not needed with CMHC) Need to achieve ‘File Complete’. (Some lenders do this early) (Any remaining items?) You are a home owner!

At each step, everything often goes very smoothly. Nonetheless, each one can entail; -critical phases, -third parties to deal with, and -deadlines. So any one, or several of these steps, may need an extra level of professional advice and service. We work with you along the way to manage every step to meet our high standards.

After Approval (4), we encourage clients to focus on Conditions Submitted (7) to Final Review (9). All mortgage lenders use the term 'File Complete' after these steps are completed. We will work with you to achieve this ASAP!

(Here is a little secret that many home buyers are unaware of; -lenders issue the approval first, -but only complete the regulatory verifications (7. Conditions Submitted) after they receive the signed copy of your approval! This takes several days. 

Then, after this is completed, the process of funding your mortgage (draw down of funds from the bond markets) can also take up to 5 more days! Even these last phases require time, so it is important for us to deal with documentation early!

We manage all of these steps from the first contact with you! (i.e. We are thorough with documentation 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. Our goal is to deliver a world-class experience to you!  (Mortgage lenders and government regulators also want to provide client care. But to home buyers, their process may not feel like that!)  We will update you regularly, throughout every step. Feel free to contact us at any time if you have any questions.
Thank you.



Total amount raised
Updated: 02/26/18
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Subject to change. Conditions may apply.
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