The process of successfully obtaining mortgage financing can be broken down into seven steps.

1. Discovery Call: This call is important for understanding your needs. We will then email a summary and recommended next steps.

2. Collect Documents: Upon request, we'll send a secure Mortgage Application portal link for document upload and Privacy Consent Form signing.

3. Review the documents: We begin to review your documents and pull your credit bureau report. We then determine which lenders are the best fit with you.

4. Submit to lender: We submit your loan application to the lender and wait for underwriting to process.

5. Conditional Commitment Processing: If approved, we'll receive a "commitment" with conditions. We'll discuss terms, then meet conditions. Once complete, funding is approved.

6. Pre-Closing: Set up an appointment to meet with your lawyer to sign papers, provide your down payment and closing costs and confirm home insurance,

7. Closing Day: On the funding date, the lender transfers funds to the lawyer's trust account. The lawyer distributes the money, while the Realtor provides keys. Finally, your name is registered on title, and the loan is officially closed.

The approval time for mortgage applications varies depending on the situation, but one of the most crucial factors is whether you can submit the required proof documents in a timely manner. You can refer to the following list to ensure that you have prepared the necessary documents.

Please note that the documents required for mortgage applications include but are not limited to the items listed in this list. Banks or lending institutions may require you to submit additional proof documents related to your mortgage loan application.

1. Photo ID X 2 : Driver’s license, passport, or health card.

2. Job Letter: From your employer, detailing your position, tenure, and income.

3. T4 and T4A: For employment income and additional income sources outside your main job.

4. T1 General Tax Return and Notice of Assessment: Summarizing your income, deductions, and taxes filed.

5. Pay Stub: To confirm income alignment with your application.

6. Bank Statement: Showing your account balance, income, and expenses.

7. Gift Letter: If receiving financial assistance from family for your down payment.

For self-employed individuals:

-Financial Statements: Providing business financial data.

-Master Business License: As proof of active business registration.

-Business Cheque: Further validating self-employment status.

If refinancing or switching mortgages:

-Current Mortgage Statement: Detailing remaining balance, interest rate, and contract time.

-Property Tax Statement: Ensuring property taxes are up to date.

-Homeowners Insurance Policy: Providing proof of sufficient coverage against potential risks.