Home Insurance Hands (Fire Insurance) 10 In order for a mortgage to be funded, fire insurance must be purchased by the buyer before a Lending Institution will fund the mortgage. Once all of these steps have been taken care of the Mortgage then goes back to the Underwriter at the Lender of Choice!!!
Back to Underwriting 11
for a firm approval in which mortgage protection insurance is then offered by the Lender.
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15 hands have been identified for one mortgage transaction here. Of course this number will change according to what type of financing is required. “The only true wisdom is knowing that you know nothing.” Socrates. Isn’t it uncanny how one of the richest men in American history, Warren Buffett and Socrates, the classical Greek Athenian Philosophers both believe that knowing nothing is the key to success and life; meaning that we are always learning in order to succeed. We always have room to grow in our jobs, whether we are new to the industry or have years of experience under our belts.
Mortgage Instructions are then sent to lawyer. Paralegal Hands will prepare documents for the Lawyer.
Lawyer Hands
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Lawyer will then have clients in to sign.
Request for Title Insurance
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A contract under which an insurance company agrees to compensate the owner of the property for any actual loss arising out a covered title risk as set out in the policy, subject to the terms and conditions of the policy. www.fct.ca/file/Glossary_ interactive.pdf/74
Land Titles for Registration 15 Service Alberta is responsible for registering land ownership rights in Alberta. The Land Titles Act provides the legislative framework for the department to register land related documents that both create and terminate legal rights in property. www.servicealberta.gov.ab.ca/LandTitles.cfm
The perfect tool for any problem… all in one convenient package. Extraordinary clients need an extraordinary lender. No two files are the same so we take a multi-faceted approach to helping you solve your clients’ unique financing challenges. • Alternative Mortgage Solutions • 1st and 2nd Mortgages • British Columbia, Alberta, Saskatchewan, Manitoba • Residential, Commercial, Construction, Rental Grant Plunkie Business Development / Senior Underwriter
Let’s talk solutions. Find out how Paradigm can help find alternative lending solutions for your clients Call 1-800-979-2911 or visit paradigmmortgage.ca
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