The home buying process can be overwhelming whether you are a first time home buyer or an investor looking to purchase a rental property. We want to make sure purchasing your home is as stress free and enjoyable as possible from the pre-approval stage all the way through to your first mortgage payment. We are here to help even after your mortgage is complete, offering complimentary annual mortgage reviews and answering any question you may have about your new mortgage.
When you decide you are ready to purchase a home, getting a pre-approved mortgage is always a great idea. Not only does it secure an interest rate for up to 120 days, it also gives you the peace of mind that comes with knowing what you can afford and allows you to shop within your price range.
We are committed to providing in depth pre-approvals. By meeting with you on a one-to-one basis, we are able to examine your individual financial position and goals and review all of the preliminary mortgage options and details. We collect documentation up front, and we have the ability to pull your credit information and review it directly with you at our initial meeting.
Once you have obtained your pre-approval, now is a great time to meet with your REALTOR® to discuss the details of what type of home you are looking for and what your price range is. Bringing along your list of must-haves versus your wants can also help you set realistic expectations and give your REALTOR® the information they need to find properties that meet your criteria.
Once you have found the home you are interested in, you will make an offer. The offer will be considered “subject to financing,” meaning that the offer depends on whether or not you are able to obtain mortgage financing from a Lender. Your offer may also have other conditions, such as “subject to a satisfactory home inspection” or “subject to a review of the strata minutes” (if you are purchasing a condominium). Your REALTOR® and Mortgage Broker can help you understand exactly what these conditions mean. Once your offer is accepted, you will provide a copy of the purchase agreement to your Broker. You will also be required to provide additional documentation at that time to proceed with your mortgage approval.
Your Mortgage Broker will work with the Lender, Insurer, and (if necessary), the Appraiser to get you final approval on your mortgage financing. Your Broker may also ask you for further documentation at this time. Any outstanding conditions set forth by your Lender will also need to be met during this time. It is important to collect the requested paperwork and submit it to your Broker in a timely fashion to ensure your condition of financing deadline is met.
Once you have met all of your financing conditions, your Broker will instruct you to remove the "subject to financing" condition from your purchase contact. This is done with your REALTOR®. You may also remove any other conditions that have been met at this time (such as a satisfactory home inspection and/or appraisal). Once all of the conditions are satisfied, you have a firm sale. Your Lender will then send your mortgage instructions to your lawyer for preparation of your mortgage documents.
While your lawyer is preparing your mortgage documents, you can use this time to get ready for your move. We have a handy moving checklist and budgeting worksheet available to our clients through our client resources page. Make sure not to overlook your closing costs and moving expenses when you are planning your move.
Your lawyer’s office will call you to make an appointment for you to sign your prepared mortgage documents. The appointment is usually scheduled within a week of the completion date (which is the day the money is given to the sellers and the property title is transferred to your name).
Your possession date usually falls on the day after the completion date. You will receive the keys and are now free to move into your new home!
Unlike other monthly expenses, your mortgage payments are made at the end of each period as opposed to the beginning. For example: if the purchase of your home was completed on June 1, and you chose monthly payments, your first mortgage payment would not come out of your account until the end of June. If you chose weekly payments, they would come out of your account at the end of every week. The details of your mortgage repayment are chosen when you sign your mortgage approval, and can be adjusted by contacting your Lender. Your Broker can help you understand how payment frequency affects your mortgage and what your best options are for saving money in the long run.