John-Andrew Newman, Mortgage Agent

What is a
Mortgage Broker?

The Mortgage
Process

Refinancing and
Debt Consolidation

Beacon Score 101

First Time Home
Buyer Incentives

2nd Properties

Buyer Information
The Mortgage Process

As your mortgage broker, I have access to large network of mortgage lenders, appraisers, lawyers and investment advisors who are ready to assist all homebuyers through the mortgage process. The combined knowledge of this network will ensure a stress free and valuable experience that goes unmatched throughout the industry.

1	Pre-Approval The pre-approval is the first official step in the mortgage process. Once you complete a mortgage application, my office will take your information and research the market to find out which Mortgage Lender (Bank) has products that best fit your needs. The application will also tell us how much you can afford and which rates are available to you. Most pre-approvals come with a rate lock of up to 120 days, depending on the bank. The most important aspect to a pre-approval is that your material circumstances do not change from the time the application is taken. Standard pre-approvals can be done with in an hour or two. With the advantages of the Internet and the best technology in the business, I can virtually issue a pre-approval anytime, anywhere. My extended service hours also give my clients and their real estate agents the opportunity to call me in the middle of the night if they need to make a pre-approval amendment while in the midst on a competitive offer.
2	Find a Home - Offer to purchase A pre-approval does not lock you into a mortgage, it will only give you a sense as to your price range and to lock in an interest rate while you shop for a home. Once you've made the decision to buy a home, the next step is to put in an OFFER TO PURCHASE. Your Real Estate Agent will help your through this part of the process. They will also help you negotiate your offer price and closing date. When the sellers accept your offer, it is always wise to make the accepted offer conditional on financing, home inspection and any other matter that is crucial to a successful transaction. Typically, an Offer to Purchase is conditional on financing for up to 5 business days. This will give us 5 days to send your pre-approval along with the property you have chosen to our mortgage lender of choice and in turn, this also gives the lender time to fully approve your deal. Also with in those five days, an inspection can be done on the purchased property to ensure that there are no major hidden problems with your home.
3	Full Approval Now that you have found a home, our team works to find you a lender to mobilize the funds to finance the property. Turning a pre-approval into a full approval usually takes anywhere from 24 to 72 hours. I can leverage one of Canada's largest volume achieving brokerages in the industry to get you the results you need. This translates into unmatched service, solid mortgages and best rates for all my clients.
4	Appraisal and Down payment An appraisal is only necessary when your mortgage is considered to be Conventional, which means you are putting down greater then 20%, or if the mortgage has been placed with an Alternative Lender. For those buyers that are not putting down 20% or more of the purchase price, we can certainly obtain a mortgage for you; this type of mortgages is subject to CMHC or GE Insurance guidelines and premiums. Premiums are charged on a scale based on your down payment. The less you put down the higher the premium. For more information on insurance premiums, please give my office a call to discuss the details.
5	Documentation This is the most import part of the mortgage process. All the information stated on the application must be verified, especially your employment and down payment. Most banks and lenders ask for job letters, pay stubs, T4's and bank statements. However, I will explain the details of all the required documentation as we go through your mortgage paperwork.
6	Lawyer The Lawyer is the person who manages the money from your Bank/Mortgage Lender and is responsible for the closing of your mortgage. The lawyer also explains the mortgage process from a legal perspective and administers relevant closing costs such as land transfers taxes and property tax set-up.

John-Andrew Newman
Mortgage Agent
FSCO M08001486

25 Lakeshore Rd. West
Oakville, Ontario L6K 1C6
(905) 844-7205
Toll free: 855-NEWMAN-1
(855-639-6261)

Contact John-Andrew (Canada only)

Your Name:

Optional Message:

E-Mail Address:

Phone Number:

I consent for John-Andrew
to reply to my email address.

Privacy Information