How it works
Navigating the mortgage process can be complex, but at Atwal Mortgages, we make it simple and straightforward. Here’s a detailed step-by-step guide to help you understand how our mortgage process works:
Step 1: Initial Consultation
Schedule a Consultation
- Contact us to schedule a meeting with one of our experienced mortgage brokers. This can be done via phone, email, or through our online contact form.
- During this initial consultation, we will discuss your financial situation, homeownership goals, and any specific needs or concerns you may have.
Financial Review
- We will review your income, credit history, and current financial obligations to get a clear picture of your financial health.
- This helps us understand what type of mortgage and terms you may qualify for and allows us to provide personalized advice
Step 2: Pre-Approval
Pre-Approval Application
- Once we have a clear understanding of your financial situation, we will assist you in completing a pre-approval application.
- This involves gathering necessary documents such as proof of income, bank statements, and identification.
Credit Check
- We will conduct a credit check to evaluate your creditworthiness. This helps us determine the best mortgage products and rates available to you.
Receive Pre-Approval
- If you meet the lender’s criteria, you will receive a pre-approval letter. This letter outlines the maximum loan amount you qualify for and the estimated interest rate.
- Having a pre-approval gives you a clear budget and strengthens your position when making offers on properties.
Step 3: House Hunting and Offer
Start House Hunting
- With your pre-approval in hand, you can begin searching for your dream home within your budget.
- We can connect you with trusted real estate agents if you need assistance.
Making an Offer
- Once you find a property you like, work with your real estate agent to make an offer.
- Ensure that your offer includes a financing condition to protect you in case there are issues securing the final mortgage approval.
Step 4: Mortgage Application and Approval
Complete the Mortgage Application
- After your offer is accepted, we will help you complete the formal mortgage application.
- We will submit your application along with the necessary documentation to the selected lender.
Property Appraisal
- The lender may require an appraisal of the property to ensure its value meets the loan requirements.
- We will coordinate this process and keep you informed of any additional steps needed.
Final Approval
- Once the lender reviews your application and the property appraisal, they will issue a final approval.
- We will go over the terms and conditions of the mortgage approval with you to ensure you understand everything.
Step 5: Documentation and Closing
Prepare Documentation
- We will assist you in preparing all required documentation for the mortgage closing.
- This includes the mortgage agreement, proof of insurance, and any other legal documents required by the lender.
Review and Sign Documents
- Review all the documents carefully and sign them as required. We will be available to answer any questions you may have during this process.
Closing Costs
- Be prepared to pay closing costs, which may include legal fees, appraisal fees, and any other costs associated with finalizing the mortgage.
Closing Day
- On the closing day, you will meet with your lawyer or notary to sign the final paperwork and transfer the funds.
- Once all documents are signed and funds are transferred, you will officially become a homeowner.
Step 6: Post-Closing Support
Ongoing Support
- Our commitment to you doesn’t end at closing. We provide ongoing support and advice for any future mortgage needs.
- Whether you need assistance with refinancing, renewing your mortgage, or any other questions, we are here to help.
Stay Informed
- Stay informed about market trends and mortgage options by subscribing to our newsletter or visiting our blog for the latest updates.