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ZEIDMAN LAW OFFICES
200-215 Jardin Drive
Concord, ON L4K 1X5
Tel: (905) 669-7577
Fax: (905) 669-5525
e-mail: office@homeslawyer.com
Mortgage Basics
Mortgages & Pre-approval
Pre-Approval
It is your responsibility as the buyer to ensure that you have enough money to complete a purchase transaction. Most buyers will arrange to borrow money by way of a mortgage to help them finance the purchase of their home. If you are arranging a mortgage, we recommend that you obtain a written pre-approval from a lender even before you start looking for a home. A written pre-approval will tell you how much money the financial institution will lend you, at what rate, for what term, etc. This will help you determine how much of a home you can afford. Whether or not you have obtained a pre-approval, we strongly recommend that your offer to purchase be conditional for a short period on you being able to obtain written confirmation of sufficient and satisfactory financing from a financial institution
Lender Details Needed
After you have applied for your mortgage, your lender will require further information from you. The lender’s requirements will vary between institutions. Your lender may require any one or more of the following from you:
Your lender will usually forward mortgage documentation directly to your lawyer, who will complete the documents and explain them to you before you sign. Be sure to review the written commitment from your lender with your lawyer to verify that the terms and conditions are the same as explained to you by your lender or mortgage broker.