In order to make sure that every client's file is set-up for success right up to and past closing day, Mortgage Foundations follows a Client Journey. Today, we will discuss the steps involved throughout the Client Journey and explain what happens at each step in the process.

The first step in the Client Journey is the Discovery Call and Mortgage Application step. This is where we learn as much as possible about your mortgage application and ask questions to ensure we are clear about your goals and requirements for your home financing needs. During this step we also answer any questions that you may have in order to find out the benefits of working with a Mortgage Broker, specifically Mortgage Foundations. We will also take this opportunity to give you an accurate idea of what to expect through the home financing process and ensure that you are aware of closing costs and document requirements so there is little room for surprises later.

The next step may not always be required since you may have already secured a property or are looking for home financing options other than purchasing a property; such as a switch or re-finance. If you are actively searching for a property, or planning to shortly, the Mortgage Pre-Approval step is highly recommended as it will allow us to submit your file to a lender that will review everything and ensure that nothing has been missed and it will give them the opportunity to ask any questions ahead of time for further clarity on the file. A pre-approval is also an opportunity to obtain an interest rate hold so that you can shop for a property with the confidence of having a rate in place. The rate hold will protect you from interest rate increases up to the expiration of the pre-approval. If rates end up coming down below your rate hold by the time you secure a property, you will receive the lower rate. Pre-approvals are conditional, and since they have been generated based on some unknowns, such as the property, a condition of financing is always recommended, even with a pre-approval.

While you are shopping for your next home, we will be sure to keep in contact and always recommend that you run any potential properties by us so that we can check the qualifying using the actual figures for the property. During this time, it is also important to keep everything as-is in regards to employment, liabilities, bill payments, and your credit profile overall. Unexpected changes to these things could end up affecting your qualification when you do find a property and we submit for a commitment.

Speaking of a commitment, that is the next step in the Client Journey. Once you have obtained an accepted offer on a property, we can then re-work the file and update any information that needs to be and then submit for what is commonly referred to as a live submission. At this point, the lender will review the file completely, including the property information, and also ensure that it meets the insurers' guidelines if it will be an insured or insurable mortgage. Once the lender confirms everything is good and that they are in a position to approve the mortgage they will issue a commitment. The commitment will include any conditions that need to be met by a certain amount of time ahead of closing day. We always strive to get as much documentation up front; however, it is usually at this step where we request additional documents in order to satisfy the lender's conditions. Once you have received the commitment, reviewed it, and are comfortable that you will be able to meet the conditions, we arrange to have the commitment and other documents signed and returned to the lender. This is also where we discuss the importance of having coverage such as Mortgage Protection Plan, or MPP in place, since anything can happen and you will want to ensure that you and your family are protected. Coverage can even start ahead of closing while we are working on clearing the conditions of your mortgage.  

Working together to get the conditions satisfied well ahead of time is imperative to make sure that the lawyer, or solicitor, can get to work on their side nice and early, since the lawyer getting instructed by the lender is the next step once we are broker complete or close to. Your lawyer will receive all their documents with instructions on what needs to be done for the lender to supply the funds to close the mortgage on closing day. We will be there to assist your lawyer with anything they may need from us to make for a seamless process for them.

Once your lawyer has everything prepared for your closing, they will reach out to set a date and time with you to perform the final signing and will also let you know how much funds you will need to supply them in order for the mortgage to close. This amount will be comprised of your down payment, legal fees, registration costs, land transfer taxes, title insurance and any other adjustments, taxes or fees that apply. It is also important that you make sure to take up to date valid identification to your meeting with the lawyer since they are required to confirm your identity.

After the signing is complete and everything is ready to go, we proceed to the biggest and most exciting step, which is the closing day. This is the day where everything happens, and all the money moves around between the lender and the lawyers, and the final registrations are taken care of. Once the seller's lawyer confirms that they have received the funds to complete the sale, you will receive the keys to your new property. If the transaction was a switch or re-finance, it is very much the same; money just moves in different directions.

Now that your mortgage is closed and you have received your refinance funds or are settling into your new home, our job is far from over. We will follow-up with you shortly after closing to make sure that everything went smoothly, remind you of when to expect your first payment to come out, and answer any questions that you may have. After this, we will continue to remain in contact, including on your annual mortgage anniversary, where we will update you with property information and can work with you to review your mortgage to ensure that it still fits your goals and is suitable for any potential future changes. As your dedicated mortgage professional, we are always there for any advice or to answer any questions you may have since the client journey is ongoing.

Today we are going to discuss the Mortgage Protection Plan (or MPP) and all the great stuff it can do for homeowners like you. Trust me, it's something you definitely want to know about. This plan features optional life and disability insurance to help protect yourself and your loved ones against the unexpected. It is a convenient, affordable choice whether you have no insurance or need to top-up your existing protection.