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What Happens After Your Mortgage Is Approved

What Happens After Your Mortgage Is Approved

You’ve found your dream home, had applied for mortgage and now, you have finally got the approval that you had been waiting for! What next? Through this blog, we will let you know what exactly happens after you get your mortgage approval, and what you can look out for.

Just in order to reiterate, your mortgage offer is called when your lender or the organization that you’ve applied mortgage from, has read your application, carried out all the necessary checks and finally decided to go ahead and give you a mortgage! Congratulations!

So, what sets the ball rolling? What happens after the mortgage offer is issued?

Preparation of documents by the lawyer

Bridge loans are common and are offered by the major banks – TD, CIBC, RBC, Scotiabank, and BMO. These financial institutions can offer the most cost-effective bridge loans.

If you opt to go with an alternative lender, be aware that some of them don’t offer these types of loans. And because alternative lenders don’t deal directly with the consumer, you’ll need to work with a mortgage broker to help find one that can provide you with the financing you require.

Certified cheque along with other documents

Once the documents have been prepared, your lawyer will now set up an appointment with you to take the next steps forward. You will be notified as to how much money to bring in, or what will be the worth of the next cheque. Ideally, the escrow process will involve producing a detailed document for you which will include a complete statement of adjustments. This will include the remaining down payment, the lawyer’s fees, taxes etc.

Home insurance

At this juncture, remember that you will also be expected to produce proofs of your home insurance. So, make sure to get that in place and carry necessary documents along with the certified cheque.

Setting things up

You are now done with completing all the formalities, signing the cheques and finishing up other financial transactions, and all you have to do now is – wait for the possession date. This is when you can utilize the time to set up your new home! How about getting the interiors and other utilities done, get the internet and redirecting your mails etc.? After all, you are going to move into your dream home and you must ‘ve had lots of plans to set it up in your own way! This is the best time – so go for it!

Possession Date

So the D-Day has finally arrived – it’s the possession date, the day you finally move into your dream home!

Typically, this is the day when your lawyer will request the funds from the lender or the financial organization. So this may take time, usually more than expected. Hence, it is not advisable to call in your movers and packers early in the morning. It would rather make sense to schedule things to get moving during the latter part of the day so as to avoid any frustration or tensions.

Get the keys

Once your lawyer confirms that the funds have been transferred, the realtor can arrange to get the keys to your new home! The time has finally come for you to relax and enjoy yourself in your new home!

If you are looking at buying a home, remortgaging or finding the best buy-to-let properties, get in touch with us for expert advice and tips.

If you are looking at buying a home, remortgaging or finding the best buy-to-let properties, get in touch with us for expert advice and tips.

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