What is Involved in Getting a Mortgage?

STEP 1:

Complete the online application form, alternatively contact us by phone or email.

STEP 2:

A representative from Whistler Mortgage will contact you to discuss the amount and type of mortgage you require and to answer any questions you may have.

STEP 3:

Whistler Mortgage will then shop the various financial institutions to obtain the best interest rate and terms to meet your needs. A representative from Whistler Mortgage will contact you to discuss what they have secured.

STEP 4:

Whistler Mortgage will provide you with a commitment letter from the financial institution outlining the terms of the mortgage they are prepared to give you. This commitment is binding on the financial institution, but not on yourselves. You do not have to take the money from them. If you like the terms, you sign the mortgage commitment and send it back to Whistler Mortgage. As Whistler Mortgage is paid by the bank in most cases, there is no charge to you for arranging the mortgage. In unusual circumstances lender/broker fees may apply but only with your consent.

STEP 5:

At this point, Whistler Mortgage will ask you to provide proof of income (usually income tax returns, current pay stubs and/or job employment letters) along with proof that you have the down payment required. In addition, Whistler Mortgage will order an appraisal of the property as required by the financial institution. The bill for the appraisal is approximately $200 to $350 CDN and you will be required to pay this amount at closing or by credit card.

STEP: 6

Whistler Mortgage will coordinate with your realtor (if applicable) to arrange to have the financial institution send the mortgage instructions to a lawyer or notary public of your choice (some exceptions). The lawyer will prepare the mortgage documents for your signature. The lawyer can either send the documents to your home, office or you can attend at the lawyer’s office. If the documents are sent to your office or home, you will have to take them to a local lawyer or notary to have your signatures witnessed. The banks will require the lawyer or notary preparing the mortgage documents to obtain a survey certificate as part of his responsibilities. Survey Certificates show the location of the buildings on the property to ensure that they are on the property and do not encroach on any set back regulations. Quite often if the previous owner had a mortgage, the survey certificate can be obtained by the lawyer and re-used at no cost. The cost for a new survey certificate is in the range of $200 to $600 CDN. An alternative is title insurance which replaces the survey certificate and costs approximately $200 CDN. The lawyer will add the cost of the survey or the title insurance to the amount of his bill to be paid by you. The lawyer or notary will give you a copy of your mortgage after closing.

STEP 7:

At the time the sale or financing occurs, quite often the financial institution will have made arrangements either through Whistler Mortgage or with you directly to have the mortgage payments come directly out of your account. This account can be with the lender or your current institution. If this is not arranged prior to closing, the financial institution will contact you just after the sale, but before the first mortgage payment is due, to arrange for a convenient method of paying your mortgage.

STEP 8:

Whistler Mortgage will send you a follow up letter along with a copy of your appraisal and complimentary amortization schedule. Enjoy your home!