How Does The Mortgage Approval Process Work? Step-By-Step

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In this video we discuss how does the mortgage approval process work in Canada and how to get approved fast. We take you through the 8 steps of the approval process and what to expect at each stage.
For more videos in this series see below.
Our First Time Home Buyer Series Discusses:
First Time Home Buyer Canada | Part 1 - Saving Your Down Payment: • How To Save For A Down...
First Time Home Buyer Canada | Part 2 - Getting Pre-Approved: • How To Get Pre-Approve...
First Time Home Buyer Canada | Part 3 - How To Choose a Realtor: • How To Choose A Realtor
First Time Home Buyer Canada | Part 4 - Real Estate Purchase Agreements in Canada
• How To Fill Out A Real...
First Time Home Buyer Canada | Part 5 - Getting Approved For Your Mortgage
First Time Home Buyer Canada | Part 6 - Closing The Deal & Moving
Apply for a mortgage online at mortgage360.ca/easy-application
The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.

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Опубликовано:

23 ноя 2020

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Комментарии : 46

@Jessica-qr9cs 2 года назад

I appreciate how fast he explains it, no need to speed up his video like I normally do

@AthaliahLlewellyn 3 года назад

This is an excellent video. Well executed.

@Marketplacere 2 года назад

Great topic! It's important to educate clients about these things.

@marlenadn3364 7 месяцев назад

I wished I watched this 2 weeks ago. This was so helpful. Thank you.

@randymartin9040 2 месяца назад

Thanks for the great videos! Very informative and useful thank you

@darbirhian Год назад

We had a bit of a unique situation. Rented our home for 1.5 years and the landlord foreclosed. We would have had to be out of the property less than 2 years from initial move in, but we decided to buy it instead as we had the means and desire to stay. It was STRESSFUL. From pre-approval to first mortgage payment was 6 months. Brokers changed hands like 3 times. So glad to be done that whole process. Thankfully we didn't have to move though!

@stefh3849 2 года назад

Hello! These videos are SO helpful. I am wondering, at what point do you "shop around" for other mortgages? Is this before signing a commitment letter or after?

@hanoybabesh8287 Год назад

Thank you 🙏

@Hebe2023van 3 года назад

Nice video, very helpful! It is kinda a big picture to help me understand mortgages

@JB-zc3kw 2 года назад

Hi, thank you for such useful & well explained infos for a first time home buyer like me. Just a question that i had been struggling to get my answer researching online. If i fully paid a house and planning to apply for a mortgage for a second house (as a rental property). Can i use that fully paid house to get a good preapproval if i dont have a full time job (or i mean less likely to qualify for a good preapproval rate). Will lenders can use that as a colateral ? Whats the best possible ways around this situation so i can get a mortgage for a 2nd house as rental property? Thanks in advance.

@rp4485 3 года назад

Hello Nolan. Can u please make a video on step 1 to 5 for investment property and or rental property? Always mention in ur video that u r in Alberta but can help people in Ontario. 👍👍

@NolanMatthias 3 года назад

I’ll definitely be tackling some videos on investment properties in the very near future. Stay tuned :)

@ed2023bc 2 года назад

Useful information. But it's hard to perceive at such speed.

@sumitparmar1326 3 года назад

Hi, In one of your videos u have briefly mentioned that incase the house has a potential to generate additional income then Banks can increase the Mortgage amount over the preapproval amount. Can you make a video on that and share how it is calculated as well as share your thoughts

@NolanMatthias 3 года назад

Yes, absolutely

@goodtogo3 2 года назад

giving up. live in Victoria BC and now prices have pushed most young people out of the market.

@ahmadawada5363 2 года назад

The video is great for professionals and not so for 1st time buyers. I wish you would have talked slower and simplified and better explained terminology and the complex steps. Great effort though. Shears

@ivanovpreslav7417 10 месяцев назад

The financing condition is removed before signing the mortgage document at the notary. Also, why would the bank recheck the conditions after the final approval ?

@akashkoundal4086 2 года назад

who does the employment verification, is it the lender or the insurance company? and Do they only do phone calls or emails as well?

@TakingASeat 3 года назад

Hello - I have found your videos super helpful when you're walking through all the steps that first time home buyers need to take. I had a question - you mentioned in this video that after the commitment letter is received, it's sent to your lawyer. At what point should you retain a lawyer - should you have a lawyer ready before you start seriously looking at houses? Or is that something you can work out once you've already found a home you want to make an offer on?

@NolanMatthias 3 года назад

Thanks Tina. Generally you can select a lawyer after your mortgage is approved and your offer is firm. Most of the time your realtor or mortgage broker will make recommendations on a good real estate lawyer.

@TakingASeat 3 года назад

@@NolanMatthias ahh, that makes sense - thanks!

@NolanMatthias 3 года назад

@@TakingASeat No problem :)

@ThuanVo121 6 месяцев назад

Hi Nolan, I'm currently in the condition period of a rental property, and if things go as plan, the closing day would be 3 months after. Could you advise when I''m required to sit down with the bank to review my sources of deposit. I worry about this the most as my deposits come from multi sources. In my case, should I discuss work with the bank during my condition period or near the closing day (3mths after). Thank you

@bakshishmadaan9922 2 года назад

What’s agreement in principle while mortgage processing?

@nofavors 3 года назад

Hi. Do you have a video on pros cons of online mortgage websites like nesto, truenorth etc..?

@NolanMatthias 3 года назад

I don't have one that discusses them specifically, but I do have one about discount mortgages, which some of these online sites sell. ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-KbnH-34CoQw.html

@neillpepin8551 3 года назад

Do you need to have the full downpayment before the pre-approval or do you just need to prove that you can have it together before closing?

@TentSalesman 3 года назад

The latter

@labadiest Год назад

What is the difference from torture? It is very easy to take a home loan in my country.

@huziodaddy 3 года назад

Yes, i could really confirm that you answer to all comments even at 10:00 pm in the night 😁. Again, great content. Just one question. I buy 500,k $ house with 5% down which is 25,000$. If I offer a deposit of 10,000$ to the current home owner, how much money would I have to bring to the lawyer? Cause if it is as you said 500,000 - 10,000 = 490,000$. 5% is 24,500$. So in total a person would need 34,500$ as cash in his bank (Not including insurance in the cost of the house and not including lawyer fees which o don’t know how big they can be. Maybe fees and calculations could be another video.) did I understood correctly or the 5% needed to be brought to the lawyer includes the deposit also and you’ll have to bring just 25,000$ (5%) - 10,000$ (deposit) = 15,000$. Thank you again.

@NolanMatthias 3 года назад

The down payment is based off the total purchase price so it would be $25,000-$10,000=$15,000 + any legal fees etc.

@huziodaddy 3 года назад

@@NolanMatthias perfect. i was getting scared for a second there when i heard what you said around 8:20, but i've just miss understood. Thank you again.

@NolanMatthias 3 года назад

All good. I’ll have to go back a re-watch. Might not have been totally clear.

@somezak 2 года назад

For self employed, is NOA used to calculate income or just to make sure taxes paid?

@NolanMatthias 2 года назад

It depends on how you are paid, your incorporation setup, and the product you are getting. It can be used for both.

@ektasinha9159 2 года назад

Hello - I recently entered my information on Ratehub's mortgage affordability calculator. Does that in any way mean I entered my information for a mortgage pre-quaification or mortgage pre-approval process? I was using the calculator for my personal knowledge. Will entering information there trigger any kind of official credit check?

@juliangrant481 Год назад

@lizagrace8888 3 года назад

Nolan you have amazing information however if you can talk more slower and clearly that would be awesome I think you are talking to fast but great content and like your youtube videos just talk slower and use visuals that would be awesome (: