The borrowing process involves a team of professionals. Your mortgage broker, realtor, lawyer, appraisers and insurers.
It is easy to invite the professionals involved in your mortgage to share and exchange documents (that are pertinent to them) on the Mortgage Trail.
An example of how bringing your realtor to the Mortgage Trail can help us help you.
If you’re new to borrowing and curious about the process, we suggest reading Mortgages 101. If your wondering why your pre-approval isn’t enough for you to buy with complete confidence, we suggest reading Prequalifying and Preapprovals still aren’t a mortgage.
Each lender lends based on your credit, income and the property you want to buy or refinance. A lender reviews a purchase by reviewing a detailed ‘broker version’ of the MLS listing. It is a historical and structural review of the property.
Your realtor has access to that document. Before you place an offer, they should send it to us so we can make sure the property has nothing that a Lender would flag and deny your mortgage over.
Red flags in a broker-version of a property listing
There are dozens of factors that can make financing a challenge. Some of the more salacious include – abandoned marijuana grow-ops, former gang headquarters, scenes of high-profile crimes. More mundane examples include dated electrical wiring, problematic plumbing systems and noted structural or water damage. As we explain in Mortgages 101, the Lender sees itself as a partner and investor in the property and they take problems seriously. That doesn’t mean you can’t buy the property, it just means that we like to get ahead of any trouble by discussing them with you first.
There’s a detailed overview of the properties you’re keen on in the Mortgage Trail
The Mortgage Trail has a section called Property Review where you’ll find our notes and reflections. Its under the ‘hamburger’ menu in the top left corner. We are with you every step of the way.