The mortgage approval process has multiple steps, however, our goal at Homewise is to make it as simple as possible for our users. That is why we use technology to cut down steps, while always providing access to our mortgage experts at every step of the process - either by phone, email or text, whatever our users prefer!

Below overviews the key steps of the mortgage approval process, from application to close.

  1. Profile Application Creation - using our simple Homewise sign up (Start Now!)

  2. Documentation submission - borrower provides key documents to Homewise specialist (this includes documents like a NOA, T4 and Pay stubs)

  3. Application Analysis - we will review the borrower’s profile to qualify their finances, borrowing needs, credit score and persona

  4. Choosing a Lender - based on our large list of lenders will we determine which best meets our borrower’s unique needs → including features, rate and type.

  5. Submitting the borrower to the lender - our team will them submit the borrower’s profile to the lender for them to approve (or pre-approve) the application

  6. Lender commitment - Approval! The lender has agreed that they will lend the Homewise borrower money for their home

  7. Present commitment and disclosure agreement to borrower - this is the agreement provided by the lender to sign the borrower up for the approved mortgage. This may be done by email or in person, depending on the lender.

  8. Connecting with a real estate lawyer - before any mortgage closes, a borrower will need to find a real-estate lawyer that will manage the final steps of the process. Our Homewise team can help connect you to a real-estate lawyer if you need help.

  9. Lawyer/client meeting - once the borrower has selected a lawyer and all current documentation has been handed off, an in person meeting will be organized to sign all final documents needed to process the mortgage. The borrower will also transfer the total down payment to the lawyer, in trust, to be delivered to the lender. The borrower will also overview all closing costs, including the land transfer tax.

  10. Funding the mortgage - one the closing day, the lender will transfer the dollars to the buyer and the mortgage term officially begins

  11. Move in!