What to expect when expecting... to place an offer

Congratulations! You’ve done it. You’ve found the place that you'd like to call home. Give yourself a pat on the back, this journey certainly wasn’t easy; and now you’re asking yourself what’s next? 

This time is definitely exciting. You’ve made an offer that is hopefully going to be accepted, been pre-approved, shopped around, and now you’re looking to figure out what your mortgage is going to look like. That’s where we come in. 

Now that you’ve found your forever home, and are ready to get down to business, we’ve compiled a checklist of things you will need to have ready in order to receive your mortgage loan as efficiently as possible. ‍

The down payment‍

Though not always top of mind when it comes to finding your perfect home, the down payment can be essential to your mortgage. During this time you can expect your lender to be looking for financial statements from the past 90 days, your savings and investments, as well as any sort of RRSP’s you have available. 

Proof of employment

Proof of employment is essential prior to receiving a mortgage loan. This can include the proof of your salary or income throughout the year, the last 3-6 months of bank statements, last year’s T4, paystubs, and any additional documentation that proves how much money you make from a month to month basis. This proves that you are making a steady enough income to support yourself while paying off the mortgage of your home. 

Personal finances

Your personal finances come into play when it comes time to check your credit. This report will pull up everything you have ever owed on a government level including car loans, asset loans, and any type of student loan you’ve incurred throughout time. This also showcases your ability to pay things back, and if you’ve ever gotten yourself into trouble with debt. These forms can be make or break to you signing your mortgage and getting the keys to your new home. 

Property details

The property details come into play when your lender determines that you are a good fit for your mortgage. However, that doesn’t mean you’re in the clear. Firstly they typically will be looking for the real estate listing and selling price, a property assessment, and any tax bills associated with the property. This is done to ensure that the bank redeems the property as a worthy investment, and that they aren’t risking a loan on a house that won’t be of improved value should you ever default on your loan. 

Our biggest focus throughout this entire process is on you; our clients. We know how stressful these times can be, and because of that we ensure that our clients will have complete clarity throughout the entire process. From start to finish we inform you of every key detail so there’s never any confusion during these complicated and sometimes stressful times. 

By providing a streamlined process, we make sure to keep these structures as simple as physically possible. We provide our clients with a fully online application so you can apply wherever, whenever. Once your application is provided, you will be reached out by one sole point of contact. This contact will be your dedicated mortgage lender throughout the entire process. We do this to ensure that your lender has been aware of your case from the very beginning and won’t need to ask additional questions for clarity from person to person.  Another perk within our process is that we will never ask you for data more than once. Our process allows you to submit your documentation one time only, and we handle the rest! 

At Pine, we’ve catered our services to make your life as easy as physically possible. We believe that transforming the complicated home financing process into a simpler, faster, and better experience for all of our clients is crucial. How? By blending a selection of innovative technologies paired with our clientele's understanding and committed mortgage lenders.

We have big plans for you and your future. That’s why we have catered these plans to reach you as conveniently as possible. We believe that everyone has the right to have their own home, and this starts with you securing yours.