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What’s Next? The Mortgage Process in a Few Simple Steps.

Whether you are a first-time buyer or an experienced real estate investor, you should know that you are not alone in this process. Purchasing a home is always a big decision that involves time, money and many other resources.

It is common to have questions throughout the home-financing process. In this article you can find:

  • The full process from the first call and to the closing;
  • Do’s and Dont’s while waiting for the approval/closing;
  • And some other useful tips in your mortgage journey.

IK Financial - Katerina Markevich and Inna Bogdanov

Step 1. Discovery interview

When contacting IK Financial for the first time, we will have our Introductory Telephone Interview. Our Mortgage Agents will review and understand Your exact needs, and of course, will answer all Your questions. Shortly after, we will send You an email with the required list of documents. This information will help us identify Your eligibility for a mortgage and choose the right lender and product.

  • Fill out the online Form for you and co-signer (if applicable);
  • Send all the required documents by email;
  • Ask your questions, if you have any (our office number is 647-244-1371)

  • Please note, we return all the calls within one business day;
  • All files are assessed in a sequence;
  • We will reach out to you if: we are not able to open files, we are missing some parts of information, or we have not received a full package;
  • We will get back to you once we complete all the necessary work on your file (please refer to Step 2 below).

IK Financial - Pre-Approval application

Step 2. Pre-Approval application

Do not worry, at this stage we are not applying for a mortgage yet. After carefully going through Your documentation, we will be able to find a lender and conditions that would suit Your needs. We do all the math and come with all the numbers for You.

  • Read our article “Avoid These Common Mistakes When Applying For a Mortgage
  • Get back to your realtor with all the information from our Mortgage Agents;
  • Start looking for a closing lawyer (if you don't have one, we would be happy to refer you to one of our trusted professionals);
  • Send our Mortgage Agents MLS listing of the property you like or going to make an offer for;
  • Ask your questions, if you have any (our office number is 647-244-1371).

IK Financial - Live Approval and bank application

Step 3. Live Approval and bank application

When You find a property to purchase, we will require an MLS listing and Purchase agreement. It is time for You to wait while we will do all the behind the scenes work. We are going to submit an application to the bank and provide You with a Commitment Letter.

Once we have submitted your signed commitment and the remainder of the documents to the lender, they will deem your application complete. At this time, your lawyer will be instructed by the lender. The lawyer will then advise you on your next steps.

  • Send all the outstanding documents/files as per our request;
  • Sign the required documents online;
  • Pay the appraisal fees (if applicable);
  • Start working with your lawyer.

  • Your cooperation at this stage is highly appreciated, as we aim for a fast and smooth closing.

IK Financial - Enjoy your New Home

Step 4. Enjoy your New Home

Congratulations! On the closing day You Get your Keys. We are glad You achieved Your milestone with IK Financial, and we are looking forward to seeing you again!

  • Enjoy your NEW HOME
  • Leave your positive experience with IK Financial on Google :)

The mortgage process may sometimes be stressful, but with our background and experience you should not worry. We are trusted Mortgage Agents with a combined experience of over 4 decades, we will ensure you get a competitive product and bright financial future.

IK Financial Mortgage Team operates on behalf of Mortgage Edge. Lic#10680

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