26. The mortgage process
Here are the typical steps involved in the process of obtaining a mortgage:
1. Find the property you wish to purchase, and sign an Agreement of Sale
2. Select a broker or lender
3. Prepare and submit a mortgage application to the broker or lender
4. The broker or lender will order a real estate appraisal
5. The lender will request any missing or supplementary information
during while processing the loan application.
6. The broker or lender notifies you that the application is approved,
assuming all goes well.
7. A settlement date and time is established.
8. You may be able to lock the mortgage rate prior to settlement once the
application is approved.
9. You will obtain any necessary final documents prior to settlement,
such as proof of insurance on the new property, proof of a termite inspection (if
required). You will also obtain title insurance during this period. Normally, you get this
through your lender, broker or attorney.
10. You attend settlement, at which time the mortgage becomes final and you are
normally given possession of the property.