1. Obtain a Mortgage Pre-Approval
Find out in just minutes the maximum mortgage amount you can afford based on your creditworthiness with our lenders. A pre-approval also holds the rate for 60-120 days, so if rates go up while you shop, you’ll still have access to the lower rate. We also check your credit and verify your income, as well as the source of your down payment.
2. Shop for Your Dream Home
Get in touch with your realtor to shop for your dream home with confidence. Your realtor will ensure that your interests are protected.
3. Make and Submit Your Offer
You have found your new home! It is time to write an offer to purchase, which your realtor
will assist you with. Your realtor sends me the accepted offer, which I submit to the lender for final approval. Once the final approval is received, I ask you for any documentation the lender has asked for that you haven’t already provided.
4. Acceptance of Your Offer
We go over the approval information, discuss the details of the mortgage and make sure
that you are fully comfortable proceeding. The lender then provides us with a “file complete”, which means that they have reviewed and approved all documentation. You are OK to remove your financing condition at this time.
5. Remove Conditions
You remove any other conditions on the offer to purchase, such as condo document
review and/or home inspection. This is completed with your realtor.
6. Retain a Lawyer
Congratulations, you have bought yourself a home! You contact your lawyer to advise
them you are retaining them to complete your purchase. You would give them your contact information and any other information they need at that time.
7. Arrange Utilities and Insurance
You contact the local utility companies to set everything up for your possession date
and contact your insurance company to arrange for house insurance. A copy of this needs to be sent to your lawyer.
8. Sign and Submit a Down Payment
Approximately 7-10 days prior to possession, you will go to your lawyer to sign the
mortgage documents that the lender has sent to them, along with land transfer documents. At this point you would also bring the remaining down payment required.
Then, you wait for your moving day! Your realtor will provide you with the keys to your new home.