The Mortgage Summary is a historical record and an open line of communication. It is expert mortgage guidance and property-specific advice.
This is the largest purchase you’ll make – at least until you grow rich and buy your super-yacht.
The Mortgage Summary helps you feel informed and updated about your financial situation, while providing specific information about properties you’re considering as you move into the homebrowsing phase.
We send your first Mortgage Summary after we review your application and after a conversation or two that helps us understand where you’re at and where you want to be.
It contains these sections:
- Credit Summary
- Budget Details
- Property Review
- Closing Costs
- Timing
- Down Payment Details
- Rate Hold / Pre-Approvals
What you’ll find in your mortgage summary
Credit is one of the three pillars of borrowing. In your Credit Summary we share what lenders will see and circle anything that could affect you being approved for a mortgage. Your credit score is important, but lenders see a lot more than your number.
If anything is amiss, we should be able to catch it at this stage.
In your Budget Details we present and explore your borrowing options. Do you like the guarantee of a Fixed Rate mortgage? Are you ok with the risk of a Variable Rate mortgage? Should we be planning for a Home Equity Line of Credit? Answering these questions helps you get a mortgage that meets your short and long-term needs.
The Property Review is where you’ll find our analysis of recent homes that you’re interested in or have made offers on. Because lenders lend on a per-property basis, it is very useful to have a mortgage broker review the property from the lender’s perspective, before you make an offer. Strange things can turn up when we investigate a home or property’s history.
The Closing Costs on properties can be significant. The sooner you budget for them, the more prepared you’ll be for payment shock. We table all the costs, including Land Transfer Taxes and Legal Fees.
As we’ve said elsewhere, you don’t need to buy as soon as you can. We’ve helped people who took years to find the home they wanted or to save up for a larger down payment. The Timing section is where we lay out what paths are available.
Speaking of Down payments, this section is where we offer a more detailed look at the numbers and your plan. This section, and many others, will be updated with new information as time passes and your situation changes.
Finally, any Rate Hold / Pre-Approvals are captured and described.
Your Mortgage Summary is a historical record and an open line of communication. It is high-level guidance and property-specific as you move into the purchase phase.
We make ourselves available to answer questions from the parties involved in a purchase and are often called upon to answer questions from immediate family members, accountants, financial advisors and your lawyer. You’ll see those updates in your summary as well. We are with you every step of the way.