Whenever before or after your offer to buy your home, you can search and apply for your mortgage. Actually you can apply for and get a mortgage just before the final closing date. Only one thing you need verifying is whether your lawyer and lender have enough time to prepare documents or not. If they have no problem, you can do it. But we recommend you should shop around as early as possible. For applying for a mortgage, usually you have 3 options:
- Major Banks in Canada: like RBC, BMO, CIBC, TD Trust, Scotia, HSBC, National Bank…
- Mortgage Brokerages: most brokerages deal with most major banks, trust unions, insurance companies, funds, private investor.
- Private Lender: like seller’s take-back mortgage or private investors.
Among all of these 3 options, through Mortgage Brokerages, you can get more information, lower rates and always surprised deals if you choose the right agent.
Regarding how you can apply for, recently you can apply for online (from Internet Website) or download form then fax or go to the office directly. Each way goes to the same goal. Apply Online becomes more and more popular.
All mortgage application forms are very similar, typically contain 3 parts of information, basic information, loan information and assets/liabilities information.
- Name, address, telephone and email of the applicant
- Social insurance number
- Employer, job title, and Tenure
- Previous employer if less than 3 years
- Date of birth
- Number of dependents
- Name and address of banks or other financial institution dealt
- The applicant lawyer
- Purpose of loan (initial mortgage or refinance etc.)
- Loan amount required
- Type of loan (i.e. conventional, high ratio insured, non-conforming or subprime, etc.)
- Mortgage term, amortization, and interest rate sought
- Property description (address and typical construction)
- Detail of any existing financing (i.e. current mortgage you have)
- Total Assets: like car, property, cash in banks, investment (e.g. stocks, bonds, mutual funds, etc.) and other assets
- Total Liabilities: like car loan, mortgage, credit card loans or other loans
For the detail, you can know all information lenders need when apply online. Click go to page “Apply Online“