Anytime you sign a mortgage the experience can be quite intimidating with lots of very serious looking paperwork to sign. Our commitment to you is to ensure you understand exactly what you are entering into while minimizing the amount of paperwork as best as we can.
Here is how it works. Once the underwriting process is complete you will receive your loan approval from us in the form of “disclosure documents”. In a nutshell, these are documents in which the government dictates that specific content about the loan is provided to you (and in some cases even the specific form is also dictated). We will walk you through these forms making sure that everything is explained to you in as much detail as you need. Important: we do this before you are obligated in any way to completing the loan.
Typically, 48 hours after you sign the disclosure documents you will be able to sign the actual mortgage documents. According to government regulations you must sign these in front of your lawyer to ensure your interests are being looked after and protected. We will provide your lawyer with the mortgage documents, copies of the signed disclosure documents, and a certificate of independent legal advice that your lawyer will fill out as he/she is reviewing the documents with you. Once signed, your lawyer will send all of the documents back to us (or our lawyer) so that we can get started with the registration and confirmation process. This is the process were our lawyer registers the mortgage against your property at the land title office while they also confirm that house insurance, property taxes, existing mortgages… are all up to date and at the agreed upon balance. Depending on where you live, which bank and house insurance company you deal with, this process typically takes between 1 and 3 days.
Once this process is complete, the next step is to get the money from your loan into your hands.