The document outlines the 5 main steps in the mortgage process: 1) pre-approval to determine a buyer's price range, 2) shopping for a home, 3) submitting a mortgage application including documents on income, assets, credit, and the property, 4) removing subjects from the offer, and 5) the legal process of signing documents. It then provides details on qualifying for a mortgage, the different types of mortgages available, associated costs of buying a home, and the role of a mortgage consultant in helping navigate the process.

1. The Mortgage
Process
Sherwin Dziwenka
Mortgage Consultant

2. The Mortgage Process
- Simplified
Step 1. – Mortgage Pre-Approval
Step 2. – Shopping for your home
Step 3. – Mortgage Application
Step 4. – Subject Removal
Step 5. – Legal Process

3. Mortgage Pre-Approval
•
Protects your negotiated rate up to 120 days.
•
Determines the price range of your new home.
•
Makes the purchase process smoother.

4. Qualifying
•
Must have at least 5% down of purchase price - a limited number of
programs still offer 100% financing.
•
First time home buyers may be eligible to use their RRSP’s for a down
payment.
•
Mortgage Payment + taxes + heating costs* < 32% of gross monthly
income.
•
Monthly debt including Mortgage payment < 42% of gross monthly income.
•
You must be able to pay closing costs of at least 1.5% of purchase price.
•
Credit history
•
Lenders will obtain a credit report which identifies your overall credit standing

5. Shopping for Your New Home
With your mortgage amount Pre-Approved,
you and your realtor are able to shop
for the home that best suits your needs.

6. Preparing an Offer
Your Offer or Agreement Will Include:
Basic details
•
Your legal name.
•
Name of vendor.
•
Legal and civic address of property.
•
Purchase price
•
Conditions
It is recommended using a qualified Realtor and/or seeking the advice of a
lawyer before finalizing.

7. Mortgage Application
An Invis Mortgage Consultant will help you:
•
understand your mortgage options
•
identify documents required for speedy application approval, ie: employment
and down payment verification, survey certificate and appraisals

8. Mortgage Application
Mortgage Options
Open Mortgage
• Repay the loan without penalty.
• Interest rates can be higher.
• This may be a good choice if a client is planning on selling their home in
the near future.
• Lenders will usually allow conversion to a closed mortgage at any time.

9. Mortgage Application
Mortgage Options
Closed Mortgage
• Offers terms from 1-10 years fixed rates
• There are often penalties or restrictive conditions for prepayments or
additional lump sum payments.
• May not be the best choice if you might move before the end of the
term.

10. Mortgage Application
Mortgage Options
Variable Rate Mortgage
• Variable/Adjustable interest rate tied to prime
• Generally convertible to a fixed rate mortgage. At times a penalty may
be charged
• Most Variable Rate Mortgages are for 3 or 5 year terms

11. Mortgage Application
Mortgage Options
Terms & Payment Options
• Terms from 6 months to 18 years, amortizations up to 30 years.
• Flexible payment options
• Weekly
• Bi-weekly
• Monthly

12. Mortgage Application
Mortgage Options
Other Options
•
Bruised credit? There are options for you.
• Financing through “B” lenders with varying mortgage programs.
• Private Lenders available for unique situations.
• Up to 100% financing.
• No income verification products.

13. Associated Costs
•
Some common costs of buying a home:
• Appraisal fee
• Land transfer tax or PPT
• Survey / title insurance
• Legal fees
• Home inspection
• Property taxes
• Fire insurance

14. What a Lender Wants:
Personal Info
• Age, marital status, birthdates, dependents
Details of Employment
• Proof of Income
• T-4’s
• Notice of Assessments
• Letter from employer
• Other sources of income
• Pensions
• Rental income
• Investment income

15. What a Lender Wants:
Other Financials
Current banking information
• Name of Financial Institution.
• Average cash balance of account(s).
Verification of down payment
• 3 months of bank statements showing account holder name and account
number.
Consent to complete credit investigation (Invis Client Agreement)

16. What a Lender Wants:
Assets & Liabilities
Assets
• Property
• Vehicles
• Investment Account Balances
• RRSPs
• RESPs
Liabilities
•
Credit Card Balances
•
Personal Loans/Vehicle
Leases
•
Total amount owing &
monthly payment amounts

17. What a Lender Wants:
Property Details
•
A copy of the property listing
•
A copy of the Agreement of Purchase & Sale for a resale home
•
Appraisal of property
•
Plans and cost estimates on a new home
•
Condo financial statements, if applicable and strata minutes included
AGM
•
A certificate for well and septic, if applicable

18. Subject Removal & Legal Process
Once all conditions have been met and the subjects
removed the lender will forward all documents to the
lawyers where the mortgage and title transfers are
signed

19. Working With an
Invis Mortgage Consultant
•
We act as liaison between the lender and the borrower.
•
At Invis we are independent, which means we offer unbiased advice and
have the client’s best interests in mind.
•
Our primary role is to determine the financial needs of our client and find the
mortgage products that best fulfills their needs.

20. An Invis Mortgage Consultant
has your best interest in mind
•
We simplify the process of mortgage financing.
•
We negotiate with lenders for the best possible products and lowest rates.
•
We help you achieve your goals of home ownership.
•
We have the experience and the expertise to work on your behalf.
•
We know what mortgage products are available in the market.

21. About Invis
•
Founded in 2000, Invis is one of Canada’s largest mortgage brokerage
firms, with offices from coast to coast.
•
We leverage our buying power to get the best service and terms for our
clients.
•
We save clients valuable time and possibly thousands of dollars when it
comes to home financing.

22. Our Strengths & Specialties
•
Provide maximum flexibility in financing choices.
•
Provide counseling on credit & qualifications.
•
Arrange & coordinate the mortgage closing.
•
Assist with purchase, renewal, construction & renovation financing.
•
Provide efficient & highly personalized service.

23. Fees
•
For most clients there is no fee for our services – the lender pays
for our fees.
•
A fee may apply when working with a client with bruised or poor
credit history.

24. Whether You Are:
•
•
•
•
•
Buying a home?
Purchasing an investment property?
Restructuring debt?
Renovating?
Renewing your current mortgage?
Contact: Sherwin Dziwenka at 403-828-7162

25. Sherwin Dziwenka
Mortgage Consultant with Invis
Phone: (403) 828-7162
Fax: (888) 966-0607
Email: sherwin@invis.ca
Website: www.sherwinmortgage.ca