FIRST CONSULTATION
This is your First Call with your Thrive Mortgage Advisor to discuss your Real Estate Goals and Financing Needs. This call will be educational and informative for you and our team as we want to ensure we understand your situation so we can tailor the next steps of our process to put you in the best position to succeed. Following this call, you will have clear next steps to complete your Mortgage Application.
MORTGAGE APPLICATION
Our Secure Mortgage Application is the best of its class and is super easy to complete. Who you are, what you do for work/income along with your assets and liabilities makes up your mortgage application details.
DOCUMENT COLLECTION
After completing your mortgage application you will receive instant access to your own Client Portal. This Secure Portal is the safest way in the financial industry to upload your important documents. Once you have access you will see a clear list of the documents you need to upload. As an alternative, you can email your items to documents@thrivemortgage.ca and our team will upload them to your portal on your behalf. Last but not least a simple introduction to your accountant to allow us to collect these important items directly from their office can make the process easier for you.
TIP - We are authorized agents with CRA which means we can get your tax documents on your behalf. Just ask and we can assist!
DOCUMENTS UNDER REVIEW
This Milestone is a huge accomplishment for you as it means you have completed your application and uploaded all the required documents. The hard work begins here for our team as this is where the fun starts. We will be internally underwriting your file during this period of time to understand how much you qualify for and to determine which Lender Options we will be recommending for you.
PLANNING SESSION
As soon as our team has completed the review of your file we will be scheduling a Planning Session with you and your Mortgage Advisor to go over all the details of your Pre Qualification along with our Lender recommendations for best rates and terms available. Following this session, you will have a clear understanding of how much you qualify for and you will receive your Pre Approval Certificate. In the event that you are Refinancing or completing a Mortgage Renewal, we would be submitting your file for final approval with a Lender following this session.
PRE-APPROVED / SHOPPING (PURCHASE ONLY)
This is where the fun starts for you! You get to go shopping for your new dream home. Immediately following the planning session you will be advised to start the shopping process with your realtor. If you do not have a Realtor your Thrive Mortgage Advisor will recommend one in your area. At the same time, our team will secure a rate hold for you which will last up to 120 days. Assuming there have been no changes to your financial situation a rate hold can easily be extended past 120 days as needed
MORTGAGE SUBMITTED TO LENDER
At this point, you will have either just received an accepted offer to purchase a new home or have decided to proceed forward with a Refinance or Mortgage Renewal. You and your Mortgage Advisor would have agreed on the best Lender and Rate option for your family and our Team would be submitting your file to the Lender for Final Approval.
MORTGAGE UNDER REVIEW WITH LENDER
Most Lenders require 1 to 3 days to review your file before issuing a Conditional Approval. During a hot Market this timeline can take up to 5 to 7 days and our team will keep you posted as we progress through this process.
CONDITIONAL APPROVAL - DOCUMENTS UNDER REVIEW
The Conditional Approval is another huge milestone as it means the Lender we chose wants to proceed with a Final Approval. Typical Conditions required would be items such as an appraisal of the property, further review of strata documents along with minor items like choosing a solicitor and providing a void cheque. We usually allot 1-3 days for this part of the process however it is not uncommon for the timeline to go a bit longer due to a hot market.
FINAL APPROVAL - FINANCING SUBJECTS TO BE REMOVED
This is a MASSIVE accomplishment and a time to celebrate! If you are purchasing a home this is where our team would be advising you to remove the Subject to Financing Condition. If you are Refinancing or Renewing your Mortgage, you would be advised to sit back and wait for your appointment with the solicitor to complete the funding process.
INSTRUCTIONS SENT TO YOUR LAWYER
Upon receiving the Final Approval from your Lender we will then wait a day or two for the Lender to send the Mortgage Instructions to your Solicitor. As soon as your Solicitor receives the instructions they can start working on your file in preparation for your signing appointment to complete registration and funding.
COMPLETION
Congratulations is in order! Your new Mortgage has officially been funded. If this transaction was a purchase, the seller of the property would have received the funds from your lender along with your Down-Payment Funds from your Lawyer. If this transaction was a Refinance or Renewal your previous Lender would have received the Funds from your New Mortgage Lender to pay them off and remove them from the title of your home.
