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The Mortgage Approval Process in Canada: A Step-By-Step Guide

Posted onSeptember 14/2022By

Getting a mortgage in Toronto doesn’t need to be confusing. The process takes several steps, but when broken down, it’s easy to understand how these stages work and how to make the most of them. At Northwood Mortgage, we work with home buyers across the GTA and surrounding areas. We understand the finer nuances of the Toronto housing market. Here’s a step-by-step guide to the approval process to simplify things. The First Chat The first step in any mortgage approval process in Canada is the meet-and-greet or first chat on the phone. This is when you speak to a broker…

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What Factors Can Derail Your Mortgage Approval?

Posted onApril 08/2019By

Mortgages are tricky transactions, partly because banks and lenders are cautious about giving approvals for a second mortgage. The will be equally cautious about making the final transfer of funds to a bank account. Various checks need to be performed, reports filed, and legal work completed. Second Mortgages Even if you have been approved for a second mortgage, your application can be derailed if your circumstances change at the last minute. That means you may not actually receive the funds. Remember that even if you have been approved for a mortgage, your bank or lender is still monitoring your financial…

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