Steps to obtaining a mortgage
Being well-prepared allows you to obtain the best mortgage loan in the shortest possible time. We’ll help you through the key stages to ensure the success of your real estate project.
This is the initial stage that should not be overlooked if you are to avoid the disappointment of not finding the finance for the property you want. That’s why an initial meeting with a SmartHypothèque financial adviser is so important. During this meeting, based on your financial situation, your adviser will be able to tell you exactly what your potential purchase is.
Once the purchase potential has been determined, the financing strategy should be put in place, ideally during the first meeting. The financing strategy includes the choice of equity, the decision as to whether or not to pledge certain assets, the choice of amortisation, a contingency analysis to ensure that you will be able to hold on to the property despite life’s ups and downs, and the implementation of tax optimisation where possible. Addressing all these issues at the first meeting will give you peace of mind when you start looking for a property, because you’ll have all the facts in hand and there won’t be any unpleasant surprises to get in the way of your plans.
At the end of the first meeting, your advisor will be able to draw up a complete list of the personal documents you need to bring together. With these documents, once you’ve found the property, we’ll be able to obtain the best financing in the shortest possible time so that you can confirm your offer to the seller.
With your potential known, your financing strategy established and your personal documents assembled, you can now devote yourself fully to finding your property on the basis of the elements discussed with your advisor. During this time, your advisor will be happy to answer any questions you may have.
Once you’ve found the property, all you have to do is pass on the broker’s details so that your adviser can collect the documents relating to the property. Together with your adviser, you choose the financial institutions that are likely to make you the best offer, taking into account the specific features of your case. Once you have obtained a firm offer – usually within 48 hours – you can then confirm your offer to the broker.
Once you’ve chosen a financial institution, you now need to decide on the type of amortisation. You’ve probably already discussed this subject with your advisor, but given what’s at stake in terms of your pension and the security of your project, it’s worth going over the various options available to you in detail. The pension analysis that your advisor will present to you will enable you to make the best decision for you and your family. If you opt for indirect amortisation, you’ll need to choose the insurance products best suited to your situation and request proposals from our insurance partners.
Depending on the institution you choose, you will sign the loan documents at their offices or ours. The life insurance applications will be ready for you to sign so that we can put in place the elements relating to amortisation. Once these documents have been signed, your adviser will take care of the final administrative formalities to finalise the loan.
For your part, all you have to do is pay in the part of the equity you have decided to invest in your project. Your advisor will remind you of the deadline and will ensure that any funds from your 3A or 3B pension or insurance fund are released and made available to the notary. Your advisor will make sure that the financial institution has all the documents and guarantees needed to release the funds on the day of signing at the notary’s office.
It’s an important day, because it’s the culmination of a process that may have lasted several months, and it’s the day you become a homeowner! Once again, your advisor will be happy to help you if you need his or her support.
You’re finally back in your own home. And you’re delighted to have chosen SmartHypothèque to support you throughout your project.
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