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Mortgage brokers offer a stress-oreduceld mortgage process T John Cavan, Mortgage Agent MArchiects Askyouri loa mod Imortgage planner]M Your home is likely ta be ose of the biggest purchases you'll make in your lifetime. It'a no wonder that homebuyers con feel a lîttle sfressed about the morfgage proceos. Eves if you are lookisg fa refinasce, or if your morfgage is up for resewal, if con be a serve-wvrockisg fime. Ito o good fhing for Canadian homebuyers that the morfgage brokerage industry is fakisg off. Why? Besides being respossible for a revolutios of sew mortgoge options, these brokers have put a strosg emphasis as educatios and customer service. Mortgage Architects - as elite mortgage brokerage n Canada - offers a stress-reoscing overview of what you can expeci from the morfgage proceos. 1. You'll begin with an application, which you con complete anlIne 0f www.mortgagearchitecs. ca. Or you con pick up the phone or jusf wolk through the door wherever you see ose of their signs; they're in many of the major centres acroos Canada. Your broker wiIl review the application with you, and begin to prepare the submission ta the lender or lendors that best meet your needs. 2. Actually, mortgage brokers do more than place your mortgage with a lender. They get ta, know you. They want f0, understand your needs today and your goals for the future. Only thon con they work on your mortgage design and determine key feotures like fixed versus variable, amortization period, increase and blond, repayment structure, and prepaymont privileges. They'll also review your budget and other types of debt you may have. This is a confidential conversation and your broker is working. for you, sot the lender. Sa be up-front; if you have concerns about your situation - or the mortgage - this is the time ta talk about if. 3. Your broker will order your credif report and advise of the additional information that will be required. Expect fa provide pay stubs or proof of incarme (in most cases), and proof of dowspayment, if if is required. If your iscluding ail schedulos, MLS listing, and the name, address, phono/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 lendors) that can best meet your needs. An independent broker has acceso ta, more thas 50 different lending institutions, including moot of the major banks. Your broker will know where you're likely ta get the beot rates and mortgage options. This wealth of product choice is a key reason s0 many Canadians are choosing mortgage brokers today. Your broker will segotiate the best deal for your situation. 5. The selected lender will issue an approval that will require your signature. Approval documents will be emailed or faxed ta you and will isclude the poymesf details, fermo, and pre-fusding conditions (if any). You'l need ta make sure these conditions are met and forward on ony required documents. Once you have your approval, you con waive your finascing condition if you hod ose. If you don' t require your mortgage funds right away, your broker will hold osto, your opprovol, and keep an oye os the markets for you. If rates happes fa go dlown - or there's a shift sn the market outlook - they'll be bock in touch to lot you know. 6. You will thon fox or deliver everyfhisg bock ta the broker: the signed approval, and asy other supporfing incarme documentation, If anyfhing gefs missed, your broker will lot you ksow. 7. Time fa meef with your lawyer. Your lender reviews the final package and sesds instructions ta your lawyer. You'll need fa visit your lawyer so you con provide identification and sign documents. Your lawyer will also give you the final details on closisg costs and any adjustmenfs. Thosks fa, your broker, you'l be well-prepored for this visif - and for homeownership oheadi John Cavan is an Approved Mortgagc Planner witfs Mortgage Architects. Mortgage questions and concerns can be directed tojohn Cavans office, located at 14 Martin Si., Milton. John can be reacheci by phone: 905-878-7213 or by email: john.cavan@mtgarc.ca. John Cavans website is www.stressfreemortgage.ca. Contact John today about your stressfree mortgage opportunties. m-847-5i»soeI Noero MMRfvlCMM toi47-900Located withnwaking distance to downtown, (est. 234) mails, senior centre, churches and fabulons waling traîls. 2 bedrms, 2 batfirooms, sturnîng S living and formai dining room. Breakfast bar, STOE I/'IILL upgraded kit cabinets, &t ceilinigs tb roughout, Aw balcony, pristine condition. Cali Mark Muirhead, Sales Rap. Stanamili lUit! IÈUOP Raalty lac. 905-847-5900 mat 234. E East Milton. Spacus, open concept 4 badroon bhmn wtlh many upgradas! MF H'weod & oeranmcs. 9 ft cellings. Huas family moms. 7-place ansit& Uppar levaI Iaundry. CAC & CVAC. Top ot the line stainles SMION GflOUP stew applianca. Mach moral Aâalhg *48,900. MLOTE BULTY r-OîI, Nf ewm Buttais Grop mIt Raaly Ina. MRMEiGE (418)953-7743 * Un~a PUOU