Home Buying Process

Buying a home can be overwhelming whether your’re a first time home buyer or purchasing your second home.  We want to make sure purchasing your home is as stress free and enjoyable as possible. Learn more about the home buying process from pre-approval to your first mortgage payment.

Step 1: Pre-Approval
When you first decide you want to purchase a home, it is wise to get a pre-approved mortgage. The pre-approval will tell you how much of a mortgage you qualify for, ensuring you are looking at homes in your price range. You mortgage broker can arrange one for you.

Step 2: House Hunting
Once you know your price range, your realtor will begin researching the available properties and will show you homes that fit your criteria.

Step 3: Offer In and Accepted
Once you’ve found the home you are interested in, you will make an offer. The offer will be “subject to financing,” meaning that the offer depends on whether or not you are able to obtain a mortgage. Your offer may also have other conditions, such as “subject to a satisfactory home inspection” or “subject to review of the strata minutes.” Once the offer is accepted, you will provide a copy of the purchase agreement to the mortgage broker.

Step 4: Lender, Insurer, Appraisal
Your mortgage broker will work with the lender, insurer, and appraiser to get you final approval on the financing. Your mortgage broker may ask you for further documentation at this time. You will need to collect the requested paperwork and submit it to your mortgage broker in a timely fashion.

Step 5: Firm Sale
Once you have met all of your financing conditions, your mortgage broker will instruct you to remove the “subject to financing” condition from your purchase contract. This is done with your realtor. You may remove other conditions at the same time (if they have been met), such as “subject to a satisfactory home inspection.” Once all of the conditions are satisfied, you have a “firm sale.” Instructions from the lender will be sent to the lawyer’s office at that time.

Step 6: Moving Details
The lawyer is now receiving and preparing the mortgage documents. Use this time to start preparing for the move. See the moving checklist on page 13 for some of the steps you may need to take.

Step 7: Lawyers
The lawyer will call you in to sign, usually about three to four days prior to the completion date. The completion date is the day the money is given to the sellers and the property is transferred to your name.

Step 8: Move In
Usually your possession date will be the day after the completion date. This is the day that you receive keys and can move into your new home.

Step 9: First Mortgage Payment
Unlike with rent, which is paid at the beginning of the month, you make your mortgage payment at the end of the month. For example, if the purchase of your home was completed on June 1, and you chose monthly payments, you will not have a mortgage payment until July 1. If you chose weekly payments, the payments would come out at the end of every week. You will receive the details of the mortgage repayment from your mortgage lender.

Current Mortgage Rates

 
1 year 2.69%
2 year 2.59%
3 year 2.69%
4 year 2.84%
5 year 2.99%
7 year 3.79%
10 year 4.39%
ARM/Variable 2.40%
HELOC 3.50%

**Rates last updated December 16, 2014. On approved credit, rates are subject to change without notice.

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