Knowledge centre
The online mortgage balance is not necessarily the amount required to close. A payout can include accrued interest, a prepayment charge, discharge or assignment costs and other contractual amounts. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
Both involve the property, but they protect different decisions. An appraisal helps the lender assess value and marketability; an inspection helps the buyer understand physical condition and potential repairs. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
Clients may expect every mortgage broker service to be lender-paid. That is common with many prime mortgages, but alternative, private and complex transactions can include lender and brokerage fees that must be understood as part of the full borrowing cost. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
A client may think insurance can be arranged after receiving the keys. The lender has money secured against the property and normally needs acceptable coverage in force for closing, with its interest properly noted. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
The broker arranges financing, but the lawyer handles the legal closing. Clients can lose time when insurance, identification, funds, title questions or lender instructions reach the lawyer too late. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
A low rate can draw attention away from the clauses that affect the client later: term, payment, prepayment limits, penalty method, portability, fees, conditions, maturity and whether the proposed mortgage actually supports the client’s plans. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
Repeated requests feel inefficient and can make a client wonder whether the file is in trouble. Often the lender needs a newer document, a clearer copy, a missing page or evidence that connects two parts of the application. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
The word ‘approved’ can sound final, but a conditional approval means the lender is prepared to proceed only after every stated condition—and sometimes an updated closing check—is satisfactory. The right next step is to identify exactly what the lender, lawyer or insurer still needs, confirm the deadline, and deal with the real issue before the client relies on the mortgage.
The purchase agreement and mortgage approval do not disappear when the relationship ends. One buyer may no longer want the property, while neither person can assume their name can be removed from the contract or mortgage. Disclose the change before relying on an earlier approval. Rajiv can rebuild the file using the current legal obligations, income and ownership plan, then compare the existing lender, A and alternative lenders, or a temporary MIC/private option only where it solves a defined transition.
Clients often hear that a co-signer can be removed after one year. Removal normally requires the remaining borrower to qualify and the lender to approve a refinance, release or renewal change; time alone does not create that right. Disclose the change before relying on an earlier approval. Rajiv can rebuild the file using the current legal obligations, income and ownership plan, then compare the existing lender, A and alternative lenders, or a temporary MIC/private option only where it solves a defined transition.