Renewal

When your mortgage comes up for renewal your current lender will often send a new agreement (with their new interest offer) for you to sign. Did you know that oftentimes these offers are higher than other options being offered at the same time? If your mortgage is coming up for renewal I encourage you to contact me so you are aware of what is all available. If you are going through a renewal the process is outlined below:

  1. Contact me. We will look at your current interest rate, the offer from your existing lender, and what other rates are all available. Beyond that we will look at your particular situation. We will fill out an application, either online, over the phone, or in person. This will allow us to look at employment information, credit history, and debt servicing. With all of this information we can make an informed plan.

  2. Submit to a Lender. After evaluating your specific situation and finding a better option I will send your file to a lender. The file will include all your documents including property information, current mortgage balance, paystubs, Notice of Assessments, etc.

  3. Commitment letter. A common misconception is that the commitment letter means you’ve been approved, this is not the case. The commitment letter is a letter from the lender stating that they have put this money aside for your mortgage and as long as everything meets their criteria they will give you a mortgage.

  4. Underwriting. Once the lender receives the signed letter back they review all of the paperwork we’ve sent them (notice of assessments, T4’s, paystubs, the property info, credit info, etc) to ensure everything meets their guidelines.

  5. Appraisal. Depending on the property and the initial down payment the lender may request an appraisal to ensure the mortgage amount is less than the amount being funded.

  6. Financing Approval. After all of the checks have been done and conditions of the transfer are met financing is approved. This means that the lender has agreed to fund the mortgage. At this time they forward all of the required documents to a signing officer.

  7. Signing Appointment. The FCT signing officer will meet you at your home to sign the required documents. The reason we use a FCT signing officer is that they are lender approved and cost much less than a lawyer.

  8. Wait for Funding Date. After the signing appointment and all other approved conditions have been met you sit back and wait for the funding date. At this time your mortgage will be transferred to the new lender without interruption or cost to you.

We can lock in a rate up to 120 days before your mortgage renewal date. Due to the process and timeline, in order for the renewal to fund in time I recommend having all paperwork in to me a minimum of 21 days before your renewal date to avoid any unnecessary costs. 

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TOUCH

#101, 10920-84 Avenue Grande Prairie, AB

Cell: 780-832-8410 

Office: 780-538-0061

Email: smiller@mortgagegroup.com

© 2018 by Stefanie Miller 

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