Applying for a refinance is not simple instead it covers several steps before the loan approval process. Most of the people have no idea about what happens behind the scene. If you have some idea about mortgage approval process, you can prepare for it well. The sooner your mortgage is approved, the earlier you can enjoy the financial benefits. Hence, it is recommended to know the step by step guide so that you can prepare for every step. The most important mortgage approval steps are discussed below.
- First of all find a mortgage rates Ottawa specialist and inform him about your objectives. Speak truth in front of professional person so that you can find the right advice. Do you want to purchase house? Do you want to save money? When you share your objective, your mortgage specialist will find the right program corresponding to your basic needs.
- Now it is a right time to find a lender to acquire mortgage. He will provide you application form to fill out. This process is very simple to do. You just need to enter necessary information into this form and attach the required documents like pay slip and credit sheet. You should show this application form to your mortgage specialist before final submission to find out any mistake.
- Your lender may ask you to provide some documents like credit sheet, pay slip, tax returns and bank statement. The lenders can also ask for many other documents like rental agreement. You should prepare all the record and documents in hurry to make sure fast loan approval process.
- Once you submit the loan application, you should wait for the verification or underwriting process. This process will include the complete and through verification of all documents and information in your application. The lender will use own resources to confirm the information. He will check your credit score, history and debt to income ratio. He will send a request of job verification to your department.
- The successful completion of this verification process will result a report. This title report will confirm your information. In order to know the value of your assets, the lender will also do the appraisal process. He will use different resources to find out the current value of your property. This process is time consuming and it will complete within few weeks.
- After the approval of appraisal process the lender will calculate mortgage rate for you. He will apply mortgage rate on the basis of your given information and documents. The mortgage rates Vancouver are calculated on the basis of credit score and bank statement.
- Now lender will prepare the loan documents for you. You will need to sign the documents and send them back to lender.
- Lender will ask you about mode of payment, repayment schedule and other factors. You will get loan serial number soon. The selection of repayment schedule depends on the borrower choice. You can call the lender anytime to discuss your financial problems.