STEP 3: Mortgage Consultation and Full Mortgage Approval

Once an application for approval has been received, our office will contact you to arrange a suitable time to speak with Calum to get a good understanding of your mortgage needs. We will make sure that we get enough information to do a full mortgage approval.

At this time we will also ask you to think about how long you plan to keep the loan. If you plan to sell the house in a few years you may want to consider a short-term or variable loan. On the other hand, if you plan to keep the house for a longer time, you may want to look at fixed loans. We will work with you to determine the best product for your needs and discuss how to quantify the savings and costs of different mortgage options.

Once we have an approval, it will be in place for 60, 90 or 120 days depending on the lender.

Confirm Details of Property to be Mortgaged

Once you have found (or decided) on a property, we will submit any relevant changes to the details of the mortgage and property to the lender that gave you pre-approval. At this point we will require the balance of the documents outlined in the beginning of this section that you might not have gathered for the initial pre-approval.

At this time we recommend that you do not make any major purchases such as a car, furniture or another house till your loan is closed. Anything that causes your debts to increase might have an adverse affect on your current application.

Also, please do not move money into your bank accounts unless it can be traced. For example, if you are receiving money from friends, family or other relatives, please contact us. Ideally, you will want to have the money moved into your account before the final application is issued to the vendor.