How to get a mortgage? Step by Step Instructions from a Saskatchewan Mortgage Broker

How to get a mortgage and buy a house

Step 1: MORTGAGE PRE-APPROVAL

• Fill out Application and submit income and down payment documents
• Review credit score, down payment funds and closing costs
• Speak with Mortgage Broker to discuss mortgage options and to work out what kind of mortgage is best for you and how much you can afford

• Apply Now to get started on your application, there is no cost to apply.  In most cases there is absolutley no cost to use a mortgage broker because the lender pays the broker to be the point of contact and work with you on their behalf.  If you can not qualify on the A side of lending, there is often a fee to secure B side (alternative lending) or private lending, which your broker will be upfront about. 

• Realtor, write offer, wait....

• Home inspection, Appraisal, Default Insurer approval if applicable (less than 20% down payment), quotes for improvements if applicable
  

• Lender will review the subject property, your application and supporting documents and provide a conditional approval 

• Usually there are conditions attached to the lender approval so you will work with your mortgage broker to satisfy any outstanding conditions

•  You must set up Fire/Home Insurance on the new property, with your new lender as the loss payee
• It is always a good idea to set up Personal Life, Disability, Critical Illness insurance in case you get sick or become disabled and can not make your mortgage payments

• Most Urban locations have a Tax Installment Payment Plan Service (TIPPS), which allows property owners to pay their property tax bill in 12 monthly installments by automatic withdrawal rather than a single annual payment

• Your lawyer will work with the lender to prepare and register the mortgage with the Land Titles Office and in the case of a purchase, to transfer the title of the property to you
  
• You will need to set up an appointment to meet with your lawyer to sign papers, provide your down payment and closing costs, confirm adequate home fire insurance, and satisfy any remaining "solicitor conditions"
  

• Set up your utilities and internet