The first step in the mortgage process is getting pre-approved. This involves providing your financial information, such as income, employment details, credit score, and debts, to your mortgage broker or lender. Pre-approval shows you how much you can afford to borrow and gives you an edge when making offers, as sellers see you as a serious buyer.

• Why it’s important: Pre-approval helps you set a realistic budget and gives you the confidence to shop for homes within your price range.

Once pre-approved, your mortgage broker will help you find the best mortgage product. They’ll shop around with various lenders to find the right combination of interest rate, term, and conditions that suit your needs. At Invis – Canada’s Best Mortgage, we have access to over 50 lenders, ensuring that you get the best deal possible.

• Things to consider: Fixed vs. variable rates, mortgage terms, amortization periods, and any additional features like pre-payment options or portability.

Once you’ve found the right mortgage product, the formal mortgage application is submitted. Your broker will assist you with gathering the necessary documents, such as Visit our What You’ll Need page for a complete list of documents required to submit your application successfully.. This step ensures that the lender has all the information they need to approve the mortgage.

• Key documents: Proof of income (T4 slips, pay stubs, etc.), employment verification, bank statements, and identification.

After reviewing your application, the lender will issue a formal mortgage approval and commitment. This document outlines the terms of the mortgage, including the interest rate, term, and conditions. You’ll need to sign this document to formally accept the lender’s offer.

• Why this matters: Review the terms carefully to ensure they align with your needs and long-term goals before committing.

In many cases, the lender will require a home appraisal to ensure the property’s value matches the loan amount. This helps protect both you and the lender by ensuring the loan is appropriate for the property’s market value.

• What to expect: A licensed appraiser will assess the property to determine its market value based on factors like location, condition, and comparable home sales in the area.

Once the mortgage is approved and the home appraisal (if required) is complete, your broker will guide you through the final steps. This involves reviewing and signing legal documents with your lawyer or notary. They will ensure everything is in order for the transfer of funds and ownership.

• Important steps: Work with your lawyer or notary to finalize the legal documents, transfer the funds, and ensure the property title is properly registered in your name.

On closing day, the property officially becomes yours! Your lawyer or notary will handle the transfer of funds to the seller, and you’ll receive the keys to your new home. The lender will also begin disbursing your mortgage, and your first payment will be scheduled.

• What happens: The funds are transferred, legal documents are signed, and you take possession of the home.

Once you’ve moved in, your mortgage payments will begin. At Invis – Canada’s Best Mortgage, we offer ongoing support to help you manage your mortgage effectively. Whether you want to make additional payments, refinance, or explore options for paying off your mortgage faster, we’re here to help.

• Why it’s important: Managing your mortgage well can save you money in the long run and help you achieve financial freedom sooner.