This is the very firts step. It is is based on the information you provide, without verification at this stage, so providing the most accurate information about your income and assets will provide you with the most accurate
numbers
A good faith deposit is required with the purchase offer submitted by the real estate agent.
To avoid proceedings and costs, you should have a U.S. check in hand to submit the good faith deposit. Usually a deposit between $2,500 and $5,000 may be required. The check must be made out to a title agent or attorney, with the mention "escrow account".
Initial statements will be forwarded to the borrower by Desjardins Bank for signature.
Desjardins Bank must comply with U.S. legislation, therefore these documents will be in English.
Once you have returned all your disclosures signed, documents will be requested to support your application(tax returns, Bank statements, etc)
Issue of the Mortgage Loan Commitment
This means that your file is officially approved
A Title Request is then sent to your title agent or attorney in preparation for the closing transaction.
Your file is entering the closing stage
Your Processor will work to obtain any documentation to clear some conditions
Your file is reviewd to obtain the clear to close
Checking Account
If you dont have a Desjardins Bank cheking account, you have two options:
In Florida, please pass to one of our branches
From Canada, if you already member of Desjardins Group since 6 months, you can sign the forms to open an account at Desjardins Bank directly from your Caisse in Québec or Ontario. All you need to do is make an appointment with your Caisse to apply.
For security reasons, It is strongly recommended that borrower must confirm wire instruction with the title company prior sending the money.
Final documents are sent to the Title Company or your Attorney for closing day
They will verify the property titles, calculate any adjustments between the seller and the buyer, and will have an insurance policy issued on the titles.
The closing transaction is the date on which the sale transaction for the property and the signing of the financing documents are held.
You will have the possibility of signing in Florida, where you can obtain answers to any potential questions you may have from the title agent or attorney responsible for your file. Otherwise the signatures can be done remotely (mail away), and must then be witnessed by a notary in Québec or a title agent in Ontario. These professionals' services are only used to authenticate your signatures and cannot provide answers to questions concerning the documents to be signed.