Financing Timeline

Below is what you can expect during the financing process. If you have any questions, please reach out.

Offer Accepted

• Your Realtor will send over the full MLS, Contract of Purchase and Sale with PDS and all addendums, once signed.
• If it is a strata, there will be additional documents.
  
• If there is no Realtor involved, we suggest having a Lawyer or Notary draw up the contract when possible.
  
• Once we have received all of these documents, we will update the application with the property details and discuss the best lender, rate and product options.

Approval

• We will submit to the lender for approval. This typically takes 24-48 hours.
• The lender must also get approval from the default insurer (if applicable) at this point.
• Some lenders require income and property documents up front.

Supporting Documents

• Once we receive the conditional approval, we will send the supporting documents in for review and approval. This typically takes 48-72 hours.
• They will likely call your employer at this time so make sure they are available.

In order to avoid delays, it is best to send in all documents at once.

• Once the documents are reviewed, they may request additional information.

Signatures

• Once the supporting documents have all been approved, we will review the mortgage terms and sign the required mortgage documents.
• We will also need your Lawyer or Notary information at this time.

Subject Removal

• As soon as the conditions have all been signed off, we will send a confirmation email to yourself and your Realtor (if applicable), who can walk you through your subject removal process.

Waiting to Close

• As your closing date approaches, we will send you an email with a list of items and what you can prepare. This will also include your lender’s name, your closing date and solicitor information.
• The lender will send all necessary documents to your Lawyer or Notary and we will also send them your contact information and mortgage details, as well as ours in case they are required.

Closing Day

• Your Lawyer or Notary will process the transaction and advise once complete. This can take until the end of the business day so often times, possession is the following day.

Deposit

• You will typically provide your Realtor with the deposit funds shortly after the offer is accepted (upon subject removal in some cases). 
• Once subjects are removed, this gets sent to your Lawyer or Notary and forms part of your down payment. 
• Be sure to keep any receipts as the lender may need to see confirmation of the source of it.