The Lowdown on the Mortgage Approval Process

Whether you are purchasing, refinancing, or moving your mortgage to a new lender, it’s important to have a clear understanding of the mortgage approval process. It’s a big financial commitment so you’ll want to be sure you can move through the process with confidence. Here is a general overview:

What’s Your Need?

First, it’s important that we review your situation so we can help you with any hurdles you may encounter and answer any questions. For instance, we can provide tips that can help quickly bolster your credit score, a very important aspect of the mortgage approval process. If you are ready, we’ll then move forward with getting the mortgage application completed. We will also let you know what documentation you’ll need to collect to secure your financing.

Application Processing

Once we have all your documents, we will recommend and submit your application to the best lender with the right mortgage product for your needs. The lender will verify your employment and banking information, review your credit report, and make sure that both your finances and the property meet all the qualifying guidelines for the mortgage. They will also order a property appraisal if required. Your application will also need mortgage insurer approval if you have less than 20% down. If your application meets all the guidelines, we’ll receive a mortgage commitment, which means you are approved subject to certain conditions being met. We’ll review the lender’s conditions and make sure they’re satisfied and accepted so we get a “file complete”. You’ll sign the commitment and it’ll be returned to your lender. If you are purchasing a home, you can then waive your financing condition (that is if you have put one in).It’s important that you don’t make any significant changes to your income or debts before your mortgage closes.

Pre-Closing & Funding

You’ll meet with your lawyer approximately a week before your mortgage closes, who will advise what you need to bring to the lawyer’s meeting. Your lawyer will submit the documents to be registered on title and will transfer the funds on closing day.

Rasha Ingratta and her team at ShopMortgages.ca is glad to help anyone in Windsor Essex County with their mortgage needs. Let us help you understand the mortgage process better. Call our office at 519-250-4848.


  1. Edin says:

    I have to refinance in August when is good to prepered everything right now i am with scotia bank but i like to change i am self employed

  2. Hello Edin

    Thanks for the inquiry. A good time to start the process for application is 120-150 days prior to your renewal date. The bond market has shifted in the last week and rates are increasing a little. I would try to lock-in a rate now if you can and set it to close on your renewal date. Is there a good time to call you Monday or you can call our office at 519-250-4848.

    Thank you, Rasha Ingratta

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