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A summary of steps to a home loan approval in Canada.

A summary of steps to a home loan approval in Canada.

Entering a “live” home loan demand, some clients appreciate a synopsis regarding the home loan approval procedure from start all the way through to closing, where in fact the home loan is funded.

Please be aware, ahead of a “live” funding request you will find a handful of preparatory procedures or actions that needs to be completed ahead of time. The first rung on the ladder is the Pre-Assessment or Discovery Call, accompanied by home financing Pre-Approval (steps 2 & 3 below) where the job and support papers have already been required, received and evaluated. Finally, we arrive at a “live” deal (steps 4 through 7) where funding is formally required, authorized, and funded.

The normal home loan approval procedure goes something similar to this:

  • Pre-Qualify / Pre-Assessment – (step one) we discuss your situation that is financial and you of every hurdles you may possibly encounter ahead of time of borrowing so you are going to be effective if the time comes.
  • Pre-Approval – (actions 2-3) we review your mortgage application, check your credit report, request and examine your support documents, then review the same with specific lenders best suited for your situation especially where lending policy, exceptions or clarity may be required before you make an offer of purchase. Our aim is always to have target loan providers at heart ready to finance you (including rate lock if desired) ahead of the target home is discovered. There ought to be no shocks.
  • Approval – (steps 4-7) to acquire funding approval for your needs and a particular home.

I explain all of this next, very very very first with a quick variation after which a more overview that is detailed. Continue reading