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Our Approach

Step 1

Assess Your Eligibility

The first step is important and will set the tone for the entire rest of the process. You and your momentum mortgage professional will review your credit profile, set expectations and discuss some available financing options.

Step 2

Complete the Application

From here you will begin the application process and provide as much information up-front as possible. This gives us a big head start and allows us to move through the process more efficiently. 

Step 3

Prepare Documentation

This next step is where you come in. We need your help getting your documents to us as fast as possible. You will be providing us items such as T4’s, Pay stubs, Tax Returns, Bank Statements and other employment history. Typical documents required are listed here.

Required Documents

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Employed Applicants

  • Pay stubs
  • Employment letter
  • 2 years T4’s & possibly Notice of Assessments

Self-Employed Applicants

  • 2 years T1’s (with statement of business activities)
  • Notice of Assessments
  • Business licenses or articles of incorporation

Required From All Applicants

  • 90 day history of down payment; name must be included on statement
  • Gift letter with history of where the funds came from (if applicable)
  • Void cheque – from any account you want the mortgage payments to come from
  • Government issued photo ID
  • Bank statements showing 1.5% of the purchase price for closing costs

More or less documents may be required depending on the situation.

Step 4

Property Appraisal

The next step if it is required, is dealing with the appraisal.  By partnering with highly professional appraisers and management companies, we can make sure this sometimes time consuming step is a smooth and efficient one. If you are getting a High Ratio Insured mortgage and an appraisal is required the cost of it is covered by the insurer, if you are getting a conventional mortgage without the High Ratio Mortgage Insurance the cost of the appraisal is your responsibility.

Step 5

The Approval!

Finally, the most exciting step. Receiving your approval. Once we receive your approval from the lender, we will package all of your documents together and invite you in to review and sign off.  The commitments will always come with a list of conditions on them that need to be fulfilled. If we have successfully completed the first few steps above, then there will not be very many conditions left to fulfill, but if there are any, you will work together with us to resolve them right away and move forward with your closing.

After you have signed the commitment and fulfilled all of the conditions, we will work closely with the lender, realtor and your lawyer to begin the closing process. We work alongside your lawyer to ensure everything proceeds on schedule and your closing is smooth and efficient.

Now enjoy the moment as you receive the keys to your new home.

The Mortgage Centre, Rock Capital Investments Inc. Brokerage #10556, Independently Owned and Operated.
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