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Ruby Sohn Real Estate Broker

More to Come!

647-873-0391

RubySohn@yahoo.com


                      Step 1: Mortgage Application
Before an application gets filled out, it’s important to first asses yourself financially. Figure out how much money you have and how much you need to borrow. It’s always critical to sort out how much you can afford so that when you apply for a mortgage you will be able to financially sustain yourself. A mortgage associate will then take an application by phone, in person, or online. Once it has been received, the mortgage application process will begin by verifying the information you have provided.

Want to manage interest rate risk

-Choose to take advantage of both long and short term rates
-Like the stability of a fixed interest payment
-Don’t mind having monthly payment increase or decrease

Step 2: Choose the Right Mortgage Program

Like all homes, Canadian mortgages also come in all shapes and sizes. You have to pick which loan is more aligned with your financial situation and goals. There are four basic types of Canadian home financing loans.
A) Fixed Rate Mortgage
A Fixed Rate mortgage usually has terms that can last from 1 year to 10 years. As the name suggests, the interest rate and monthly payments will remain the same for the specified term.
This type of loan should appeal to you if you:



B) Adjustable Rate Mortgage

Adjustable Rate Mortgage (ARM) lasts for 3-5 years. But during these terms, the interest rate on the loan can go up or down which means monthly payments can increase or decrease.

C) Combination Rate Mortgage

A Combination Rate Mortgage combines fixed interest rates and adjustable interest rates.


This type of loan would appeal to you if you:
-Want to manage interest rate risk
-Choose to take advantage of both long and short term rates
-Like the stability of a fixed interest payment
-Don’t mind having monthly payment increase or decrease




D) Lines of Credit

Line of Credit is becoming an innovative way to finance your home purchase. You can take the amount you need from the credit limit that you were granted. You only pay interest on what you use and this money can be put towards things like home renovations, a child’s education, and debt consolidation.


Step 3: Mortgage Submission and Approval


Once you select the appropriate mortgage program, you will submit this information to your mortgage associate along with any other required documentation. You will then wait for the mortgage approval from the mortgage associate either through email or fax. After the approval, the associate will also review your commitment to the mortgage. Any additional documents that are required by the lender should be sent to the associate no later than 10 days after the approval.


Step 4: Lawyer


The associate will send the mortgage instructions to your lawyer to review and sign the documents. First you will review all the terms and conditions prior to signing to make sure the interest rate and loan terms are what were promised. Double check to see that the names and address are correctly spelled on the documents. Signing takes place in front of a notary public or lawyer. There will be several fees with obtaining a mortgage and transferring property ownership which will be paid at closing. Bring a bank draft check for the down payment and closing costs if required. Personal cheques are not accepted. You will also need to show homeowners insurance policy and other requirements such as flood or fire insurance and proof of payment.
I have a passion for assisting clients with various real estate needs. I am a trusted and well trained professional who strives to provide you with the best solution.

Clients are impressed by the dedication and effort I put into making sure that they receive top quality service and amazing results. Explore my website to find detailed listing information, buying guides, selling guides and other features that suit your real estate requirements.

Discover why I love real estate and why I am the better choice for you.


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