You are thinking about buying a home, but first you need to ask yourself this question – Do you understand the mortgage process?  It is important to educate yourself on the process that you will go through from start to finish as well as terms that your mortgage professional might use.  Being ill prepared might only increase the chances of confusion and timely delays that may ultimately result in either not getting the best rate possible or in not getting that home you have always dreamed about.  Taking the time to learn about a few simple points will not only make things run smoothly when securing your mortgage, it will also make you a more confidant homeowner!

So – what’s involved?  It can be broken down into 4 basic steps:
1) The Mortgage Application – there is some typical information that is required.  Where you live, any debt that you may have, what your credit is like and what your financial net worth is, are things that are commonly requested.

2) Getting Pre-Approved – this is an important step as it will give you buying power when home shopping.  The information from the application is used to get this.

3) Going from Pre-Approval to Approved – this happens when all of the information that was relayed to the lender in order to get the Pre-Approval is verified.

4) Closing – once all the conditions have been verified for the mortgage, it will be sent to your lawyer by the lender.  You will then meet with your lawyer to review all of the legal matters and sign documents.  Your lawyer will also make arrangements to register your name at the land titles office and handle the disbursement of funds.