What to Expect When You Work With a Mortgage Professional

Arranging a mortgage can feel like a process that happens to you. It doesn't need to. Knowing the steps ahead of time makes it easier to ask questions at the right moments and to feel in charge of your own decision.

The first conversation

The first conversation is mostly us listening. We'll ask what you're hoping to do, whether that's buying, renewing or refinancing, and about your income, savings, debts and timing. You don't need paperwork in hand or a firm plan. The aim is to understand where you stand and to explain, in plain language, how lenders are likely to look at your situation.

If a pre-approval makes sense, we'll explain what it is and what it isn't. A pre-approval is an early assessment based on the information available. It is not a commitment to lend; the lender's decision comes after it has reviewed your full application and the property.

The documents typically asked for

Proof of income. Recent pay stubs and a letter of employment, or tax documents and financial statements if you're self-employed.
Down payment history. Account statements covering the past few months, and a signed gift letter if family is helping.
Identification. Government-issued photo identification for each applicant.
Details of debts. Balances and payments for loans, credit cards, lines of credit and any support payments.
Property details. The purchase agreement and listing, or your current mortgage statement and property tax bill if you already own.

You'll also be asked for consent before anyone checks your credit report. Lenders ask for these things because they're required to verify what's in an application, and requirements vary from lender to lender.

How options are explained

Once we understand your situation, we'll go through the options open to you: the type of rate, the term, the amortization, prepayment privileges, and what it would cost to leave early. We'll explain the trade-offs in words that make sense, including the parts that are less convenient to hear. The choice is yours, and you can take the time you need to make it.

Between approval and closing

An approval usually comes with conditions, such as an appraisal, confirmation of your documents or proof of home insurance. Once those are met, the lender sends instructions to your lawyer or notary, you sign the mortgage documents, and the funds are advanced on closing day.

Lenders can re-check employment and credit before funding, so it helps to tell us before you change jobs or take on new credit during this stretch.

Questions are welcome throughout

Nobody arranges mortgages often enough to remember how it all works. Ask about anything, as many times as you need to, at any stage.

If you'd like to know what the process would look like for you, we're always glad to start with a conversation.