Montreal Mortgage Loan Specialist
My success as a mortgage broker has come in large measure from a relentless commitment to offering the lowest interest rates and providing the finest mortgage service in Montreal Quebec. For your home purchase, mortgage refinance, debt consolidation or bad credit mortgages, I’ve prepared this website with the same degree of commitment.
Danuta Levitzki Worozanska - Montreal Mortgage Loan Specialist – HYPOTHECA AC
Montreal Mortgage Loans
How purchase loans are made.
A step-by-step walkthrough:
- Loan Application and Pre-Approval – Lenders are encouraging buyers to get pre-qualified for a mortgage even before they begin looking for a house. This way, buyers know ahead of time how much house they can afford.
- Loan Search – Although buyers often use a lender recommended by their Real Estate agent, some prefer to do their own comparisons. Borrowers may choose to contact a mortgage broker who has access to a wide variety of loans.
- Property Search - At this point, the buyer begins shopping for a house. When the right one is found, the terms of the sale are negotiated, including the sale price and often the type and conditions of the loan being sought.
- Documentation – It is crucial to supply the lender with copy of promise to purchase, annexes, counter offers and all other paperwork supporting the application.
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- Appraisal - Lenders require an appraisal on all home sales not insured by CMHC or Genworth. This step could jeopardize a deal if a big discrepancy were to exist between the home's sale price and appraised value.
- Loan Review – The loan package with all pertinent information is to be sent to the lending underwriter, including any explanations that may be needed, such as reasons for derogatory credit.
- Underwriter's Review - Based on the information put together by both the Montreal loan advisor and the processor, the underwriter makes the final decision on whether a loan is approved.
- Mortgage Insurance - Many lenders require mortgage insurance with CMHC or Genworth Financial when borrowers put down less than 20 percent on a loan. Even if a loan meets the standards of a lender, a mortgage insurance company could choose to deny coverage.
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- Title Search - This is the time when any liens against the property are discovered. A lien may have been placed on a property to ensure payment of outstanding debts by the owner. All liens must be cleared before a transaction can be completed.
- Insurance - Lenders require fire and hazard insurance on the replacement value of the structure.
- Signing - Final loan and documents are signed at the notary office.
- Funding - The lender sends a wire or check for the amount of the loan to notary.
- Buyer Begins Making Mortgage Payments.
Do You Have Questions?
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Loan Professionals will help you to find the right answer.
Article published on February 26th, 2010
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