name
It makes sense to hire an expert - and even more sense to learn from them!

Finance Approval Process

This overview of the process for purchasing a property is simplified to help make it an enjoyable experience. We have highlighted specific points so you will know what is happening with your finance each step of the way.  

The amount of documentation seems extensive but is required by law under the National Consumer Credit Protection Act (NCCP).   Most of the information is duplicated for the bank and each borrower.   Keep the copies marked ‘borrower’s copy’ and sign and return the ‘bank copy’ in the envelope provided.  All fees and charges documented on the paperwork have been included in the borrowing costs and will be deducted at settlement.  Any surplus funds will be either by cheque from your solicitor or credited direct into your Line of Credit. 

The documents are required to be signed promptly and returned to your solicitor. The mortgage documents themselves will require witnessing by a Justice of the Peace, Commissioner for Declarations or Solicitor. 

Return the documents as soon as possible to your solicitor, remembering to keep out your personal copies.

Your solicitor will arrange with the financial institution when settlement can be effected.  Within 7 days you will receive a statement from your solicitor as well as bank statements and pin numbers for your new accounts.

mortgage application

 

For further information or a consultation please do not hesitate to Contact FAAR

Return to top of page