Finalizing Your Mortgage

Posted on 27 July, 2015

When you apply for a mortgage, there are usually several conditions that must be met in order to obtain your financing. This is one of the many reasons using a mortgage broker is a good idea – they act as a liaison between you and the lender, and are able to use their expertise to facilitate your home buying process.

Female presenting keys and small house.

One of the first things your broker will need after you’ve applied for a mortgage is a copy of your purchase agreement so that they can help you satisfy these conditions and get you into your new home as hassle-free as possible. Your broker will work with the bank, insurer and appraiser to get you the final approval on your financing.

Once you’ve met all of your financing conditions, your mortgage broker will instruct you to remove the “subject to financing” condition on your offer to the seller. This is done with your realtor. Once all of the conditions are removed, you have what is called a “firm sale.” At that time, your lender will send mortgage instructions to your lawyer’s office, and your lawyer will prepare the mortgage documents.

About 3-4 days before the completion/closing date indicated on your mortgage approval, your lawyer will call you in to sign your mortgage documents. The closing date is the day that sellers are paid and the property is transferred to your name. The possession date – usually the next day – is when you receive your keys and can move into your new home.

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