How Does The Mortgage Approval Process Work? Step-By-Step

In this video we discuss how does the mortgage approval process work in Canada and how to get approved fast. We take you through the 8 steps of the approval process and what to expect at each stage.

For more videos in this series see below.

Our First Time Home Buyer Series Discusses:
First Time Home Buyer Canada | Part 4 - Real Estate Purchase Agreements in Canada
First Time Home Buyer Canada | Part 5 - Getting Approved For Your Mortgage
First Time Home Buyer Canada | Part 6 - Closing The Deal & Moving

The presenter has taken great care in preparing
this video, however makes no representations or warranties with
respect to the accuracy or completeness of its content. The contents
of this video should not be considered a substitute for
professional financial advice. Please consult a financial professional
before implementing any of the strategies described in
this video. The presenter shall not be held liable
for any loss of profit or any other financial damages, including
but not limited to special, consequential, incidental, or other
damages.

[CharlotteAmeliaCY]

I am at the beginning of my "investment journey", planning to put 85K into dividend stocks so that I will be making up to 30% per year in dividend returns. Any advice?

[ahmadawada]

The video is great for professionals and not so for 1st time buyers. I wish you would have talked slower and simplified and better explained terminology and the complex steps.
Great effort though.
Shears

[sumitparmar]

Hi, In one of your videos u have briefly mentioned that incase the house has a potential to generate additional income then Banks can increase the Mortgage amount over the preapproval amount. Can you make a video on that and share how it is calculated as well as share your thoughts

[JB-zckw]

Hi, thank you for such useful & well explained infos for a first time home buyer like me.

Just a question that i had been struggling to get my answer researching online.

If i fully paid a house and planning to apply for a mortgage for a second house (as a rental property). Can i use that fully paid house to get a good preapproval if i dont have a full time job (or i mean less likely to qualify for a good preapproval rate). Will lenders can use that as a colateral ? Whats the best possible ways around this situation so i can get a mortgage for a 2nd house as rental property?

Thanks in advance.

[bakshishmadaan]

What’s agreement in principle while mortgage processing?

[ElizabethLauraEL]

What are the best strategies to protect my portfolio? I've heard that a downturn will devastate the financial market, so I'm concerned about my $200k stock portfolio.

[ThuanVo]

Hi Nolan, I'm currently in the condition period of a rental property, and if things go as plan, the closing day would be 3 months after. Could you advise when I''m required to sit down with the bank to review my sources of deposit. I worry about this the most as my deposits come from multi sources. In my case, should I discuss work with the bank during my condition period or near the closing day (3mths after). Thank you

[ivanovpreslav]

The financing condition is removed before signing the mortgage document at the notary. Also, why would the bank recheck the conditions after the final approval ?

[rp]

Hello Nolan. Can u please make a video on step 1 to 5 for investment property and or rental property?

Always mention in ur video that u r in Alberta but can help people in Ontario. 👍👍

[randymartin]

Thanks for the great videos! Very informative and useful thank you

[stefh]

Hello! These videos are SO helpful. I am wondering, at what point do you "shop around" for other mortgages? Is this before signing a commitment letter or after?

[labadiest]

What is the difference from torture? It is very easy to take a home loan in my country.

[ahmadawada]

The video is great for professionals and not so for 1st time buyers. I wish you would have talked slower and simplified and better explained terminology and the complex steps.
Great effort though.
Shears

[darbirhian]

We had a bit of a unique situation. Rented our home for 1.5 years and the landlord foreclosed. We would have had to be out of the property less than 2 years from initial move in, but we decided to buy it instead as we had the means and desire to stay. It was STRESSFUL. From pre-approval to first mortgage payment was 6 months. Brokers changed hands like 3 times. So glad to be done that whole process. Thankfully we didn't have to move though!

[goodtogo]

giving up. live in Victoria BC and now prices have pushed most young people out of the market.

[nofavors]

Hi. Do you have a video on pros cons of online mortgage websites like nesto, truenorth etc..?

[akashkoundal]

who does the employment verification, is it the lender or the insurance company? and Do they only do phone calls or emails as well?

[marlenadn]

I wished I watched this 2 weeks ago. This was so helpful. Thank you.

[edbc]

Useful information. But it's hard to perceive at such speed.

[TakingASeat]

Hello - I have found your videos super helpful when you're walking through all the steps that first time home buyers need to take.

I had a question - you mentioned in this video that after the commitment letter is received, it's sent to your lawyer. At what point should you retain a lawyer - should you have a lawyer ready before you start seriously looking at houses? Or is that something you can work out once you've already found a home you want to make an offer on?