Miranda Karl,
Mortgage Professional

Wave Buy-Buy to Mortgage Misgivings

Once you’ve been pre-approved, it’s time to start shopping for your dream home. Now it’s time to finalize things with your lender and submit your full mortgage application. With my help, putting your documents together and getting your mortgage successfully processed is easy—whether you’ve done this before or you’re buying your very first home.

a house ready for purchase for first time buyer

Working with me is as easy as 1, 2, 3!

Here’s What We’ll Do

Lots of work goes into getting fully approved for a mortgage, but working with me makes the process clear and straightforward. Here are the three main steps we’ll navigate together:

1

Deciding on Your Lender

Many people who go through pre-approval have already chosen their lender—but if you haven’t, now’s the time to settle on one. With my help, you’ll be able to choose a lender who:

Offers terms that works for your lifestyle
Is likely to approve your application
Is reputable and above-board

I have access to a wide range of different lenders and mortgage options, so don’t worry—we’ll be able to find something that works for you and your family.

2

Completing the Full Application

At this point, we’ll probably have gathered a lot of the info you’ll need during the pre-approval stage. But even if that’s the case, we’ll need to provide additional documentation, such as:

An appraisal
Proof of income
Proof of down payment

Once your full application is complete, your mortgage will enter the processing stage. Congratulations; you’re almost there!

3

Mortgage Processing & Closing

Most of the work that goes on while your mortgage is being processed will be done behind the scenes—but there are still a few things you’ll probably need to do. These might include:

Providing written explanations of any outstanding credit issues
Answering questions from the lender’s underwriter
Submitting any information still missing from your application

You can rely on me to ensure your application is airtight and provide support for any issues that arise during this period. Once your application makes it through the processing stage, you’ll be able to sign the closing documents and take possession of your new home.

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Have More Questions?

FAQ

Buying a house is a long and involved process, even for people who have done it before. Here are some of the questions I frequently get from first- and second-time buyers.

What is the first step to getting my mortgage approved?

The first step towards getting approved for any mortgage should be to contact a qualified mortgage broker (like myself) and learn about your options. I’ll be able to show you offers you won’t be able to find by yourself, and give you the best shot at getting approved for the mortgage that will work best for you.

Are incentives available for 1st-time home buyers?

The Government of Canada’s First Time Home Buyer Incentive is aimed at helping people across the country buy their first home. It puts an amount equal to 5 or 10% of the home’s purchase price towards your down payment, lowering your monthly mortgage payments and making home ownership easier to afford.

How much money do I need to make to get approved?

There is no set minimum income required for mortgage approval, but you’ll need to prove to your lender that you can afford your mortgage. Different lenders use different standards to determine this.

For example, according to the Canada Mortgage and Housing Corporation (CMHC), your total household expenses should never be more than 39% of your gross monthly household income. These expenses include:

Your mortgage principal and interest
Property taxes
Heating costs

When you work with me, I’ll provide you with mortgage options that are a good fit for your income level, as well as your credit score and other common requirements. Together, we’ll find an option that works for you.

Once I’m approved, what happens next?

Once your lender has decided to approve you, they’ll send you an official commitment for your mortgage. This is the part where your mortgage rate and terms get locked in, and you sign the final documents that make you a homeowner! This step generally takes up to 10 business days, although it can take longer if additional documents are needed—but I aim to make it happen faster. Congratulations—we did it!

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