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Five steps for your mortgage file

It is important to prepare your mortgage file in order to optimize your chances for the promise to purchase. However it is recommended to take advice from a mortgage broker to respect all the steps.

Here are the five most important steps before getting a mortgage.

1- Prepare your financial statement

Drawing up your financial statement is the most important step before thinking about applying for a mortgage. In fact, this allows you to predict your ability to pay in order to shop around for your mortgage rate.

2- Determine your down payment

In order to determine the down payment for his property certain rules must be observed. First you should know that the minimum amount to pay when signing for a mortgage is 5%. In addition, if the down payment is less than 20% of the value of a property, mortgage loan insurance coverage will be mandatory to protect his risks as a lender.

3- Apply for a mortgage pre-authorization

A mortgage pre-authorize gives you access to the maximum amount eligible for a loan and the rate of your first mortgage term. This is free with a guarantee on average between 30 to 160 days. Pre-authorization not only saves time in your property search but also speeds up the formalities during the purchase process.

4- Make a promise to purchase

The promise to purchase allows the buyer to make an offer on the property that interests him by mentioning the conditions to the seller such as the price, the date of possession or other.

5- Get your mortgage

Once the promise to purchase is accepted, the buyer must obtain his letter of approval from his financial institution to finalize his purchase.

Today's Rates

  • 1 year term 6.79%
  • 3 years term 5.89%
  • 5 years closed 5.49%
  • Variable Rate 6.25%
  • *Subject to change without notice
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