With so many mortgage lenders in the marketplace, there are options available to meet the needs of almost any homebuyer. From a 5% down payment mortgage to those with a severely bruised credit history, and everything in between, a homebuyer has more options available today than ever before.
The first step in your home financing journey to finding your Sleep Easy Mortgage starts with a complimentary consultation with a Sleep Easy Financial mortgage strategist. At this consultation, we will:
- Learn about your needs,
- Outline any potential challenges, and
- Based on your preference, put together a plan to either shop your application to a group of lenders so you receive the lowest rate today, or outline the steps that will put you in a more favourable position to qualify for a better rate in the near future.
The most important, and involved, step for you will be the collection of the numerous documents that are required as part of the mortgage application. Many homebuyers – especially first-time homebuyers - find this step to be the most frustrating and overwhelming step in the process. At the initial consultation, we will go over all of the documents that are usually required for your situation. Additionally, we have taken steps to make sending your documents to us as seamless and effortless as possible for you. Our clients upload their documents to a secure web portal simply by taking pictures of their documents using their smartphone. We take protection of your personal information very seriously.
Once we have all of your documents, it usually takes about 3-5 business days for an approval – we call it a commitment - from the lender. Once we have received the lender’s commitment:
- We will go over the commitment with you in detail,
- Address any questions or concerns you may have, and
- If you find everything to your satisfaction, upon signing the commitment, you’ll be in position to purchase your new home!
It is imperative that you do not take any actions that can negatively impact your mortgage file in between signing the Commitment and the closing date. Such actions include taking on new debt or applying for more credit, changing your employment status, or not following through with the lender’s conditions as agreed to in the Commitment.