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Steps to getting a mortgage

Choosing a mortgage is a process, but it doesn’t have to be a difficult or confusing one. See our step-by-step guide to the mortgage process:

1. Determine your budget – Look at your financial situation and determine how much you can realistically afford. Consider your gross annual income, all outstanding debts, down-payment savings, debt-to-income ratio, and more.

2. Contact a mortgage broker – Mortgage brokers can direct you towards the best lenders based on your needs and often have exclusive access to certain mortgage products.

3. Compile your documents – Gather the necessary documents to prove your eligibility, including identification, proof of employment, proof of financial stability, and debts or financial obligations.

4. Complete the application – If you are using a broker, they will complete your application on your behalf, with your approval. Or if you are dealing directly with a lender, you will complete your application with them.

5. Get your approval – Receive a mortgage pre-approval letter from a lender, indicating how much you could borrow and the interest rates you will be offered.

6. Qualify for a mortgage – After you find the home of your dreams, you’ll need to prove to the lender that you can afford it. Lenders will calculate your gross debt service (GDS) and total debt service ratios.

7. Confirm your down payment – Your down payment has to come from your own savings and you need to verify of the source of funds.

8. Finalize your paperwork – Negotiate the terms and conditions of your mortgage contract in consultation with your lawyer. Read the contract carefully and sign it to complete your mortgage.