Purchasing a Home

Investigate Your Mortgage Options and Get Pre-Approved

There are many different types of mortgages available in the marketplace today.  A great way to investigate all of your options is through a professional mortgage broker.  There are two main categories:

  • High-ratio Mortgages – with as little as 5% down payment with mortgage default insurance that allows for a smaller down payment
  • Conventional Mortgages – with a minimum 20% down payment (and no default insurance required).

Shopping for your new home is easier with the piece of mind provided by a mortgage pre-approval. A mortgage pre-approval is like applying for the mortgage itself, but it ties the lender to the rate they have provided for up to 120 days.

Find out how much you can qualify for, by using our Mortgage Calculator.

The Approval Process:

  1. Application Taken – Your personal information will be collected including your full name, address, employment information and financial information (list of assets and liabilities).  Click HERE to apply online
  2. Credit Review – We will review your credit report and will advise you of any negative issues on the report so we can get them rectified before you find a property.
  3. Documents Collected – All lenders require written confirmation of your income and down payment amongst other items. By collecting these items up-front during the pre-approval process it will save you time and energy so you can focus on the negotiating process of the offer and less on the mortgage paperwork.
  4. Pre-approval Complete – Once the application, documents and credit are received and reviewed, we will determine what you can qualify for and submit your application to the most suitable lender for your situation. Once we receive the pre-approval rate hold back, we will email you with a full package outlining all of the details and requirements.
  5. Insurer Approval and/or Property Appraisal – Once you find a suitable property PLEASE let us know right away! We need to fine-tune the numbers and obtain approval from the high-ratio insurance company (if less than 20% down payment) or obtain a property appraisal for that specific property.
  6. Meeting Final Conditions – Once your mortgage has been fully approved (including the high-ratio approval or appraisal), we ensure that all of the lender’s conditions of financing are obtained before you remove your financing subject. This will include their approval of your income, down payment, property, etc.
  7. Finalize the Deal – Once you have the final approval and have removed the financing subjects, the lender will instruct your Lawyer/Notary to prepare the mortgage documents and will set up a time for you come in and sign the necessary documents.

Let the team at Gibbard Group Financial provide you with Easy Options in providing you with mortgage choices that best fit your needs. Let’s begin the mortgage process by getting you pre-approved by completing our online mortgage application.