1. Pre-Approval
A quick application will be taken - online, by phone or fax - which will be submitted to a number of lenders electronically. Only one credit check is required so there is no need to worry about having your credit rating affected.

Once you are pre-approved, your rate will be locked in for a 30 to 120 day period. If interest rates increase, you will be protected for the remainder of your approval. If rates go down, I will resubmit your file to the lender for the lower rate. I keep watching interest rates and special offers from lenders right up until you close. view more info about pre-approval

2. Look for a home in your price range with a Realtor
Once you have a pre-approval, you can begin the search for a home. Using a Realtor will save you a lot of time as they will be able to narrow down your search within the criteria you are looking for.

 

3. Write an Offer to Purchase on the Property
Once you have found the home you would like to purchase, you can start the negotiating process by making an offer. Your Realtor will provide you guidance on subjects you may want to include in the offer. Even though you have a mortgage pre-approval from me, you will still want to make the offer subject to financing as all lenders will only give you a final approval once you have selected the property and submitted all of the required documentation to them.

4. Obtain firm approval from me for financing
After your offer has been accepted by the seller, you must satisfy all of the conditions that the lender has placed on the approval. Some of these may include: appraisal on the property, income confirmation, etc. I will work closely with you during this time to make sure all conditions are met so your approval is in place in a timely fashion.

 

5. Remove Subjects on Contract
Once you have a firm approval from the Lender and have satisfied all of the other conditions that you placed on your offer you can remove the subjects. This means that the contract becomes firm and binding. At this time, your Realtor will require a deposit.

6. Contact your lawyer & provide them with a copy of your contract
After you have removed subjects, you should contact your lawyer and provide them with a copy of your contract. At some point after you remove subjects and satisfy all lender conditions, the lender will then send mortgage documents to the lawyer. In the meantime, you will need to book an appointment with your lawyer to sign the legal documents for the purchase and mortgage.

7. Sign documents with your lender and/or lawyer
Your lender may require that you go to their office to sign documents. In addition to this, all clients will need to go to the office of their lawyer to sign the legal documents for the mortgage. One important thing you will need at this time is to attain an insurance policy for the home. All lenders will require that you have insurance in place for the replacement cost of the building.

8. Provide payment to lawyer
Your lawyer will require full payment for items outstanding in the form of a draft no later than the morning which your deal will complete. Items which require payment include: property purchase tax (if applicable), GST (if applicable), legal fees, down payment, etc. view more info about closing costs

7. Possession Date
You will take ownership of your home on the completion date of your contract.
The possession date is when you have the right to move in and is usually two days after the completion date.