A short application will be taken which includes
enough information to do a credit check and
submit your application to the appropriate
lenders. Only one credit check is necessary.
Once the check is done initially, it can be
sent to as many lenders as desired, so there
is no need to worry about having your credit
Broker will answer any questions you may
have and explain different mortgage lenders,
options, payments and conditions, the benefits
of different terms, e.g. - variable rate
mortgages vs. long term, etc., general economic
factors, history of mortgage rates in Canada,
etc. All Meridian Mortgage Brokers are full
time experienced professionals, who pride
themselves on their extensive knowledge
of the Canadian mortgage market.
Your Broker will then submit
your application to the lenders electronically
and should have your written pre-approvals
back very quickly, usually within a 24 hour
Once you are pre-approved,
your rate will be locked in for a 90 to
130 day period. If rates go up, you will
be protected for the remainder of your approval.
If rates go down, your Broker will re-submit
your file to the lender for the lower rate.
in mind that throughout this process you
are not obligated to either the lender or
the Mortgage Broker, just simply pre-approved
and protected against any rate increase.
If you are purchasing a
new home and have an accepted offer, you
would then contact your Broker, who will
process your offer and get you fully approved.
The lender will then send a commitment to
your Broker and you would sign your commitment
which would outline all Terms and Conditions,
Prepayment Options, etc.
Once your commitment is
signed and sent back to the lender, the
lender will then prepare "Mortgage
Instructions". These are the actual
mortgage documents, which will be registered
on the title of your home. These are sent
directly to the lawyer/notary who will be
looking after your purchase. In most cases,
you will also bring a void cheque to the
lawyer/notary, which your lender will use
to auto debit your payments from your existing
bank. You do not have to change banks or
move your accounts. Your void cheque is
attached to your signed documentation and
forwarded accordingly by your lawyer/notary.
Once you have moved into
your new home, the lender will send you
a "Welcome Package". This welcome
package will have contact names and phone
numbers, in case you have questions about
your mortgage, etc. although at this stage
Meridian has connected you directly to your
lender, your Broker will still be available
should you have questions or need assistance
in future dealings with your lender.
Mortgage Brokerage has made home buying
much easier. Your Meridian Mortgage Broker
is independent of any one lender and can
provide knowledgeable adivce from a neutral