Simplifying The Mortgage Process

Zach Silverman | Nov 22, 2023

Buying a home is a big step, and thoughtful consideration is the key to finding your perfect haven. Buying a home is one of the most important financial decisions you’ll make in your life.


While it might seem like the best place to start the home buying process is to browse MLS on your phone and then contact a Realtor to go out and look at properties, it’s not. Here are some simple steps to your homeownership prep to ensure a seamless home-buying journey.


Financial Readiness - Prequalifying for Mortgage.

Unless you have enough money in the bank to buy a home with cash, you’re going to need a mortgage. Mortgage financing can be challenging and not so straightforward, the best time to start planning for a mortgage is right now.


Don’t make another move until you discuss your financial situation with an independent mortgage professional. It’s never too early to start planning. When you work with an independent mortgage professional, instead of working with a single bank, you’ll be working with someone who has YOUR best interest in mind and can present you with mortgage options from several financial institutions.


As part of your mortgage plan, you’ll want to figure out what you can afford BEFORE you start shopping. This is where an independent mortgage professional comes in. At Silverman Mortgage Group, we will gather your information by way of an application and documentation, assess your credit score, review your overall financial scenario and ensure you pre-qualify.


As part of preparing you in advance, we will put together a full report of your affordability, calculated mortgage payments, and have a clear picture of exactly how much money is required for a down-payment and estimated closing costs. We will also include various mortgage products available on the market, considering different mortgage terms, types, amortizations, and features. Our job is to help you strategize the best option for your homeownership goal and financial wellnes..

Once you have your numbers in place, you can shop confidently!



You've found a property!


When you’ve found a property to purchase and have your purchase agreement in place with the help of your realtor, you’ll work very closely with your mortgage professional to arrange your mortgage financing. This is where being prepared pays off.


Once you have a confirmed lender approval in place you'll receive a mortgage commitment accepting the lenders terms. This is the time where you'll finalize any last conditions (such as any additional documentation or property appraisals) to satisfy the lender agreement.



Don’t change anything about your financial situation until you have the keys. 


Don’t quit your job, don’t take out a new loan, or don’t make a large withdrawal from your bank account. Put your life into a holding pattern until you take possession of your new home.



Close the deal.

The closing process involves signing the final mortgage agreement, transferring ownership, and paying closing costs. Your lender will provide the funds for the purchase, and you'll officially become a homeowner.


After closing, you'll start making regular mortgage payments according to the terms of your loan. Stay on top of your payments to maintain a good credit history and gradually build equity in your home.




Throughout the mortgage process, communication is key. Stay in close contact with your real estate agent, your independent mortgage professional, lender, and lawyer to ensure a smooth and well-coordinated experience. Each step plays a crucial role in securing your dream home, so take the time to understand the process and ask questions along the way.


If you’d like to discuss your personal financial situation and find the best mortgage product for you, our team here at Silverman Mortgage Group is happy to help! We can figure out a plan to buy a home as stress-free as possible.


Please connect anytime; it would be a pleasure to work with you.


For a Stress-Free Mortgage. 

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Protect Yourself at Renewal

By Zach Silverman • 08 May, 2024
It’s a commonly held belief that if you’ve made your mortgage payments on time throughout the entirety of your mortgage term, that the lender is somehow obligated to renew your mortgage. The truth is, a lender is never under any obligation to renew your mortgage. When you sign a mortgage contract, the lender draws it up for a defined time, so when that term comes to an end, the lender has every right to call the loan. Now, granted, most lenders are happy to renew your mortgage, but several factors could come into play to prevent this from happening, including the following: You’ve missed mortgage payments over the term. The lender becomes aware that you’ve recently claimed bankruptcy. The lender becomes aware that you’re going through a separation or divorce. The lender becomes aware that you lost your job. Someone on the initial mortgage contract has passed away. The lender no longer likes the economic climate and/or geographic location of your property. The lender is no longer licensed to lend money in Canada. Again, while most lenders are happy to renew your mortgage at the end of the term, you need to understand that they are not under any obligation to do so. So how do you protect yourself? Well, the first plan of action is to get out in front of things. At least 120 days before your mortgage term expires, you should be speaking with an independent mortgage professional to discuss all of your options. By giving yourself this lead time and seeking professional advice, you put yourself in the best position to proactively look at all your options and decide what’s best for you. When assessing your options at the time of renewal, even if the lender offers you a mortgage renewal, staying with your current lender is just one of the options you have. Just because your current lender was the best option when you got your mortgage doesn’t mean they are still the best option this time around. The goal is to assess all your options and choose the one that lowers your overall cost of borrowing. It’s never a good idea to sign a mortgage renewal without looking at all your options. Also, dealing with an independent mortgage professional instead of directly with the lender ensures you have someone working for you, on your team, instead of seeking guidance from someone with the lender’s best interest in mind. So if you have a mortgage that’s up for renewal, whether you’re being offered a renewal or not, the best plan of action is to protect yourself by working with an independent mortgage professional. Please connect anytime; it would be a pleasure to work with you!

The Property Matters in Mortgage Financing

By Zach Silverman • 01 May, 2024
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Getting a Mortgage While on Parental Leave

By Zach Silverman • 24 Apr, 2024
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