Step 1: Mortgage Application Before diving into the application, take stock of your finances to understand what you can afford. Whether applying online, by phone, or in person, your mortgage associate will verify the provided information.
Step 2: Choose the Right Mortgage Program Canadian mortgages offer various options. Consider factors like how long you plan to stay in the home and your risk tolerance. Options include Fixed Rate Mortgages for stability, Adjustable Rate Mortgages for short-term stays, Combination Rate Mortgages for flexibility, and Lines of Credit for innovative financing.
Step 3: Mortgage Submission and Approval Once you've chosen a program, submit the required documents to your mortgage associate. Await approval, ensuring timely submission of any additional requested documents.
Step 4: Lawyer Your lawyer will review and finalize the mortgage documents. Double-check details, prepare required payments, and ensure insurance policies are in place before signing.