Select a location from above to display BDMs
Contact a BDM
Manager, B2B Solutions
Jason Provencher Phone: 403.472.7340 Toll Free: 1.888.472.7340 Fax: 403.718.3042 jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter Phone: 604.506.7114 Toll Free: 1.866.867.1777 Fax: 403.718.3042 yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook Phone: 587.341.4160 Toll Free: 1.844.430.4846 lcook@bridgewaterbank.ca
Ontario north, central & Niagara region
Matt Royston Phone: 705.730.9387 Toll Free: 1.855.730.9387 mroyston@bridgewaterbank.ca
Select a location from above to display BDMs
Contact a BDM
Manager, B2B Solutions
Jason Provencher
Phone: 403.472.7340
Toll Free: 1.888.472.7340
Fax: 403.718.3042
jprovencher@bridgewaterbank.ca
British Columbia
Yvonne Futter
Phone: 604.506.7114
Toll Free: 1.866.867.1777
Fax: 403.718.3042
yfutter@bridgewaterbank.ca
Edmonton, central & northern Alberta
Laura Cook
Phone: 587.341.4160
Toll Free: 1.844.430.4846
lcook@bridgewaterbank.ca
Ontario north, central & Niagara region
Matt Royston
Phone: 705.730.9387
Toll Free: 1.855.730.9387
mroyston@bridgewaterbank.ca

Prepare your clients for what to expect during the mortgage process – Part 1

The mortgage process can seem daunting and overwhelming for the best of us. It’s so big in fact, that we had to break it up into five parts!

A mortgage is a big transaction that involves a substantial amount of money. Your clients will have feelings, which is why we have developed this 5-part series to help you ease their minds. By walking them through the process, you can prepare them for what to expect. They’ll appreciate your knowledge and be ready to participate.

Click image for full size.

Share this info with your clients when you first decide to work together. You can personalize the information depending on your client’s situation. Copy and paste this article or contact us below and we’ll send you the full document.

Part 1: the application

You are ready to take the first step into home ownership or, you’re ready to refinance. This is going to help you get through the process more easily.

During the application process, you’ll be asked for information about:

  • Your income
  • The property being mortgaged
  • How you will pay for the down payment (if you’re buying a home)

Your broker will pull a credit report and share it with the lender, so that they have details on any outstanding debts as well as your credit score.

If you have had a bankruptcy or consumer proposal, you will need to supply all supporting documents before being issued a mortgage commitment.

Bankruptcy documents:

  • Discharge statement
  • List of assets/liabilities
  • Dividend sheet
  • Statement of affairs

Consumer proposal documents:

  • Discharge statement or certificate of full performance
  • List of assets/liabilities
  • Statement of affairs

If your application falls within the lender’s guidelines, they will then send your broker a commitment that will outline the details of your mortgage.

  • Conditions
  • Interest rate
  • Term
  • Amortization

Ask your broker to go over these details with you so you understand them.

Now that your client has their commitment, get them ready to meet the conditions that came with that commitment. Part 2 – Supporting Documents is coming next. Set your clients up for success by helping them understand the types of documentation their lender will ask for to prove their income. You’ll save time, avoid the headache and look like an expert!

 

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