When you connect with Mike Ward Mortgage Services, we aim to respond and setup an initial call within 24 hours. The appointment between you and one of our mortgage advisors will allow us to talk you through our fact finding process. This provides us with all the relevant information we require to tailor the right mortgage for your needs. You can help to speed this process up by submitting your completed Fact Finding Form via our form submission page located here. Your designated advisor will reconnect with you to provide you with the best mortgage rates available on the market.
Upon selecting your mortgage of choice, your mortgage advisor will secure you a decision in principle from the lender. Your DIP will guarantee you a mortgage at that rate, as long as the information you have provided is accurate. It is also subject to a valuation of your intended purchase property.
Your advisor will handle your application from start to finish. Based on the lender requirements, your Advisor will provide you with a list of necessary documents for submission. These will be reviewed and submitted as part of your Full Mortgage Application (FMA). Securing a DIP sets you out as serious buyer when moving our buying your first house. It gives a clear indication of your ability to afford the property.
Your chosen lender is required to check the information and documents provided in a process called underwriting. At this stage they will also be required to carry out a mortgage valuation of your home, to insure their investment is not at risk due to any unforeseen problems with the property.
Once the underwiring process is successfully completed, and your mortgage valuation has been completed, the lender will issue you with a mortgage offer.
Conveyancing is where a solicitor arranges all the legal paperwork so you can move forward with purchase of your property, or in the case of remortgaging an existing property, transferring your mortgage from one lender to another.
If remortgaging, it’s at this stage that your mortgages are switched over. Your outstanding balance will be cleared with your current lender. Excess funds will be returned to you.
For a new purchase, this is the point that contracts are exchanged. Your deposit will be paid and the purchase completes when the remaining balance is transferred (at an agreed upon date).
