A Beginner’s Guide To Obtaining a Mortgage
Moving into a cozy new home is an exciting prospect for the whole family. However, a mortgage is financially a big commitment, and with restrictions such as the stress test, it can be a challenge to achieve the desired outcome.
So, to coach you through the process of securing financing for a mortgage, Christina Montesano Mortgage Broker has put together a beginner’s guide to obtaining a mortgage. By following our plan of action, you, as a homeowner, can simplify the process and reach your goal quicker.
Getting Started
Consider your budget: Use a mortgage calculator to calculate payments. Make sure you have a minimum of five percent of the total purchase price for the down payment and approximately one and a half percent for closing costs, before contacting a mortgage broker.
Contact us: If you choose to hire us, then we will offer you the same or better rates than banks. We also have access to multiple lenders and will compare prices for free to provide a product that best suits your needs.
Build rapport: To understand your needs, we start the process by offering an initial consultation, usually over the phone. It allows us to discover more about you and come up with ideas to help you accomplish your goals.
Keep documents handy: We will then need to collect applicant information to build your file. These documents may include IDs, bank/mortgage statements, income statements, and a consent form to verify your credit bureau. We request you to gather and submit these documents promptly for efficiency.
Next Steps
Liaise with lenders: Once we have all of your information, we will submit your application to appropriate lenders for review, whom we feel are best matching your profile. Remember, we are always on the customer’s side when negotiating, and all we ask in return is for full transparency, as it helps to maintain integrity with stakeholders.
Review documents: After the lenders have reviewed your application, they will issue a commitment letter outlining the recommended mortgage solution details. At this stage, we will thoroughly examine the documents, and after answering all of your queries, we will give you the go-ahead to sign the papers.
Compile the package: The next step is to review and compile the final mortgage package, including all the pertinent supporting documents required by the lender.
Meet notary: You will then meet with the notary to finalize the paperwork. Once the formalities get completed, we will be the first to congratulate you on completing the mortgage process.
Advice From The Pros
Long term commitment: We don’t believe in transactional relationships and want to continue to support you throughout your journey to mortgage freedom. Thus, if you should ever need us again, we are just a phone call away
Request your Feedback: We want every client to be extremely happy with their mortgage experience so that they refer us to their family and friends. Consequently, after completing the deal, we would like to receive your feedback to help us improve our performance.
At Christina Montesano Mortgage Broker, our goal is to exceed your expectations. As the go-to experts in Montreal, QC, for all your mortgage needs, you can feel confident about securing your dream home with us.
As mortgage brokers, we have formal training and have got certification through the AMF (Autorité des marchés financiers). Dealing with multiple lenders allows us to influence and negotiate significantly on your behalf.
Our services include first-time homebuyer mortgages, investment properties, mortgage portability, plan b mortgage services, self-employed solutions, refinancing, and debt consolidation. We also render home equity and renovations, commercial and construction mortgages, new to Canada, mortgage renewals, and vacation homes.
Visit our website to learn more or contact Christina Montesano Mortgage Broker today.