Mortgage Process Table

From the first bit of homework to the day the keys are handed over, here is how a mortgage comes together, and who looks after each step.

Step	Who does it	What happens
1. Do your homework	Buyer	Spend as much time as you can learning about the mortgage application process. The better you understand it before you start, the smoother everything that follows will be.
2. Complete the application	Buyer	This gets the process going. Make sure your information is accurate and up to date.
3. Credit check and pre-approval	Broker	A credit check gives a clear picture of your financial situation and determines the mortgage amount you qualify for.
4. Required documentation	Buyer and broker	The broker provides the loan documents that need to be signed in order to secure your mortgage.
5. Rate lock and appraisal	Buyer and broker	Once the loan amount and rate have been determined, the broker arranges for you to lock in your rate with the lender, and an appraisal of the property is ordered.
6. Submission to the underwriter	Broker	The broker submits your complete file to the lender's underwriters.
7. Approval	Broker and lender	The underwriter reviews the application and returns it to the broker with any conditions for approval. Most of these can be handled by the broker.
8. Conditions addressed	Broker	The broker makes any adjustments the lender has asked for and prepares the loan for closing.
9. Document signing	Broker and lender	Your documents are delivered to your lawyer (or notary in Quebec), who will contact you to arrange signing.
10. Final funding	Lawyer, broker, and lender	Once the documents have been signed, your lawyer requests the release of the funds from the lender, registers the transfer, and closes the deal.