How to Apply
Your Mortgage Planning Specialist and Investors Group Consultant can help ease the process.
The seven simple steps to getting an Investors Group mortgage:
- Arrange a meeting with an Investors Group Mortgage Planning Specialist to discuss your financial requirements and to pre-approve* you for a mortgage. Generally, you will need to provide the following:
- Documents to confirm your employment and other income
- A list of your assets and debts
- The name and address of your landlord or present mortgage holder
- Have your realtor start showing you homes.
- When you find the right home, make an offer to purchase.
- Finalize financing by providing your Investors Group Mortgage Planning Specialist with a copy of the offer to purchase and other confirming documents if needed.
- Your Mortgage Planning Specialist will have the property appraised and will issue a formal mortgage offer.
- Investors Group will forward a copy of the signed mortgage offer to the real estate lawyer or notary.
- On or near the day of closing, Investors Group will forward the funds to the lawyer or notary where they’ll be held in trust until the sale of the home closes. The lawyer or notary will handle the transaction, and will provide you with the keys to your new home.
* When you are pre-approved for a mortgage, Investors Group guarantees the interest rate for up to 90 days from the date of approval. If interest rates decline before the mortgage is advanced, you will receive the lowest rate from the date of your application to the funding date.
Your Credit History
It’s important to know that when you apply for a mortgage, the lender will request a report on your credit history to assess the likeliness of repayment. The report details all outstanding loan products and credit cards, current balances, repayment history, employment information and many other items to support their analysis.
Individuals should periodically review their credit history to ensure no errors have been made, to provide them with a better understanding why they may have been declined credit, and to protect themselves from the growing risk of identity theft. To request your credit history report contact:
www.equifax.ca
Equifax: 1-800-465-7166
Money you’ll need in addition to your down payment
As a general rule, you should budget 1.5% of the purchase price of the home to cover additional one-time costs, such as:
- Legal Fees
- Property appraisal
- Deed and mortgage registration fees
- Mortgage processing fees
- Mortgage loan and life insurance (and PST where applicable)
- Home and fire insurance
- GST (on newly constructed home only)
- Adjustments for property taxes and/or utility costs already paid by the existing owner
- Connection charges for utilities such as gas, electricity and water
- Land transfer tax
- Land survey fees
- Home inspection (if desired)
- Moving expenses
Mortgage products and services are offered through I.G. Investment Management, Ltd.*, Investors Group Trust Co. Ltd. is a trust company licensed to lend money in all jurisdictions in Canada. Clients with mortgage inquires will be referred to an Investors Group Mortgage Planning Specialist.
Insurance products and services offered through I.G. Insurance Services Inc. (in Quebec, a financial services firm). Insurance license sponsored by The Great-West Life Assurance Company (outside of Quebec)
In Ontario, I.G. Investment Management, Ltd. is registered as a Mortgage Brokerage, Licence # 10809
