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M Are you connected to your community? Get ail the news fromn Milton, Oakville, Burlington and surrounding areas quickly and conveniently online and on your schedule. Jonn %Oavanm Agent Askypar o-" p anner -v Your home is likely ta be ane of the biggest purchases you'll make in your lifetime. lt's no wonder that home buyers can feel a little stressed about the mortgage process. Even if you are looking ta refinance, or if your mortgage is up for renewal, it can be a nerve-wracking time. It's a good thing for Canadian home buyers that the mortgage brokerage industry is taking off. Why? Besides being responsible for, a revolution of new martgage options, these brokers have put a strong emphasis on education and customer service. Mortgage Architects - an elite mortgage brokerage in Canada - offers a stress - reducing overview of what you can expect fram the mortgage process. 1. You'll begin with an application, which you con complete anlIme at www.mortgagearchitects.ca. Or you con pick up the phone or just wolk through the door wherever you see one of their signs; they're in many of the major centres acrass Canada. Your broker wiIl review the application with you, and begin ta prepare the submission ta the lender or lenders that best meet your needs. 2. Actually, mortgage brokers do more thon place your mortgoge with a lender. Theyget ta know you. They want ta understand your needs today and your goals for the future. Only then con they work on your mortgoge design and determine key features like fixed versus variable, amortization period, increase and blend, repayment structure, and prepayment privileges. They'll also review your budget and cther types of debt you may have. This is a confidential conversation and your broker is working for you, flot the lender. So be up-front; if you have concerns about your situation - or the mortgage - this is the time ta talk about it. 3. Your broker wiII order your credit report and advise of the additional information that wiII be required. Expect to provide paystubs or proof of incarne (in most cases), and proof of down poyment, if it is required. If your mortgage is for a purchase, you 'Il also, need ta provide a copy of your signed Agreement of Purchase and Sale, including aIl schedules, MIS listing, and the name, address, phone/fax number of your lawyer. In some situations, an appraisal of the property may also be ordered. 4. The application goos ta the lender (or lenders) that can best meet your needs. An independent broker has access ta more than 50 different lending institutions, including most of the major banks. Your broker will know where you're likely ta get the best rates and mortgoge options. This weolth of product chaice is a key reason s0 many Canadians are choosing mortgage brokers today. Your braker will negatiate the best deal for your situation. S. The selected lender will issue an approval that will require your signature. Approval documents will be emailed or faxed ta you and will include the payment details, terms, and pre-funding conditions (if any). You'll need ta make sure these conditions are met and forward on any required documents. Once you have your approval, you can waive your financing condition if you had one. If yau don't require your mortgage funds right away, your broker wll hold onto your approval, and keep an eye on the markets for you. If rates happen ta go dlown - or there's a shift in the market outlook - theyll be back in tauch to let you know. 6. You will then fax or deliver everything bock ta the broker: the signed approvol, and any other supparting incarme documentation. If anything gets missed, your broker will let you know. 7. Time ta meet with y aur lawyer. Vour lender reviews the final package and sends instructions ta your lawyer. You'll need ta visit your lawyer s0 y au con provide identification and sign documents. Vour lawyer woill also give you the final details on closing costs and any adjustments. Thanks ta your broker, you'l be weIl-prepared for this visit - and for homeownership aheadi John Cavan is an Approvedl Mortgage Planner with Mort gage Architects. Mortgage questions and concerns can be directed to John Cavan's office, located at 14 Martin St., Milton. John can be reached by phone. 905-878-7213 or bij emnail: john.cavan@mtgarc.ca. John Cavan t website is www.stressfreemortgage.ca. Contact John today about your stressfroe mortgage opportunities. MORTGAGE BROKERS OFFER A STRESS-REDUCED MORTGAGE PROCESS