Accepted Offer - What's Next?

We will keep you updated daily on your approval progress and provide “milestone” updates to your REALTOR® throughout the process, ensuring your personal information remains confidential. We are simply updating on any relevant timeline requirements. If you prefer we do not send these, please let us know.

An appraisal may be necessary to confirm the property’s value. We will inform you as soon as possible if this is required. Some lenders may cover the cost initially and add it to your closing costs, while others allow for upfront payment which gives us more control over timing and provider selection.

Gathering the paperwork for the down payment is often the most time-intensive step. 

To make this process as easy as possible, we offer three options:

Phone: We can set up a call and walk you through the documentation process.

In–Office Assistance: Visit us to use secure office resources for printing/saving necessary documents.

Online Assistance: Join a video call, where we’ll guide you via shared screen.

Let us know your preferred option and time, so we can assist you promptly.

Employed: Lenders often contact your employer to confirm that the information provided on the letter of employment is correct. They may ask additional questions so it’s great to prepare your employer to expect a call. Although unlikely, they can also do this call or repeat it prior to closing so it is vital to update us if anything changes with your employment, even after subjects are removed.

Self Employed: The most important thing to note is that the lender will typically take extra caution with self-employed applicants. They have extra due diligence and full disclosure is of utmost importance. They may have additional questions which don’t feel relevant to the purchase however, they are a result of internal searches and simply to address any ongoing income concerns. Don’t worry - we will help navigate all of this for you!

The deposit paid to your REALTOR® will form a part of the down payment. Once your subjects are removed, the deposit will be sent to the legal office which will help to close the mortgage and transfer the title. Please save a copy of your receipt as they may request confirmation of the source of these funds.

At this stage, we are confirming to the lender the amount and source of your down payment (and closing costs). The funds are not typically due until closer to your closing date. Your solicitor will create a statement of adjustments (sample here) which essentially lists all of the funds paid (including deposit, property adjustments, etc.) and all of the funds due (down payment, legal fees, property adjustments, etc.). 

They will tell you the exact amount required to complete the purchase as well as their preferred way to receive the funds (typically by certified cheque or wire transfer). 

This typically happens within the 5-10 days before your closing date.

Your REALTOR® will provide you with guidance on when and how to remove your “subjects”. Please do not remove your “subject to financing” clause before our confirmation of all conditions being met for your new mortgage approval.

On the closing date, your lender will send the total of mortgage funds to your solicitor. Your Solicitor will take the down payment funds they already have on hand, and combine them with the mortgage loan proceeds from your lender, which should total the purchase price. They work with the seller’s solicitor to pay the exact purchase price and in exchange, receive the title to your new property. They transfer it into your name and register the mortgage as a lien on the property.

The lender (and insurer if applicable) will be confirming the estimated value as well as the condition of the property you are purchasing. They require full disclosure of any current or potential issues with the property upfront.

Your REALTOR® will provide you with guidance on obtaining quotes for home insurance in order to satisfy any contract conditions. We have partnered with an insurance broker through Simplinsur who can also help you to explore different options and compare costs. While we don’t need confirmation of coverage to secure your mortgage approval, your solicitor must confirm coverage to the lender before closing.

Here is an overview of what you can expect as an estimated timeline for approval on your new mortgage.

Our commitment to you extends beyond closing as we are a full-service brokerage. Once your purchase is complete, whether you need help with payment adjustments, mortgage inquiries, or exploring cost-saving opportunities, our team is here to support you.

Our collaborative office structure means any member of our team is available to assist you. You can reach out to any of us along the way and we would be happy to support you in any way possible. 

Click here to meet our team. You may call or text our office line anytime at 250.613.3282.

• Dakota - Office Manager admin@premiummortgage.ca
• Erin - Senior Mortgage Professional erin@premiummortgage.ca
• Azra - Licensed Mortgage Assistant azra@premiummortgage.ca
• Modian - Client Care Specialist modian@premiummortgage.ca
• Christine - Mortgage Broker christine@premiummortgage.ca