It’s crunch time! We are answering calls from your lender, making sure your team is delivering on their responsibilities, and watching for ways to improve your borrowing terms. You don’t pay us, but if you did, this is where we’d earn our money.
This stage sees a substantial amount of paperwork exchanging hands. It can seem quiet to you, but we are very busy.
We’re quarterbacking your borrowing
The other professionals that make up your mortgage team sometimes need our help. Sometimes they need a reminder to deliver on their commitments. Your Lawyer, Insurance Broker, Financial Advisor, Giftors and others may have clarifying questions and we co-ordinate this group effort into an easy-to-understand file for the lender and a great mortgage for you.
Lenders are worried about fraud
Lenders can request a number of documents here. A very large number. They can ask for just about anything that relates to your situation. Why are they so exacting? Because exaggeration and outright fraud from unethical borrowers and mortgage brokers are present in up to 20% of applications. Lenders are already diligent. If something is amiss or if the borrowing situation is ‘tight’ they will scrutinize it to their satisfaction.
We keep trying to improve your borrowing terms
We keep our eyes open for opportunities for you in this stage. For instance, if the Lender drops their rate before your mortgage closes (and we have enough time) we try to get you a lower rate.
This is when some of our heaviest lifting happens and having you available to answer questions and to provide supporting documentation is a big plus. There are many moving parts and keeping them moving in the same direction makes everything simpler and smoother.