7 Easy Steps to Buying your First Home
1. Get pre-approved.
Contacting me to get a pre-approval will allow you to:
a. Hold a rate for 90-120 days so that you can house-hunt without having to worry about rates rising.
b. Determine your price range and what payments you are comfortable with.
c. Have a shorter “subject to financing” period than other bidders who have not secured a pre-approval.
2. Search for homes and make an offer on a home with the help of a Realtor.
I highly recommend that you use the services of a realtor when purchasing a home. Remember, realtors do not charge commission when helping you buy a house and they can provide you with professional expertise when searching for a home and writing a contract. Ensure that the realtor helps you to write a "subject to financing" clause in your contract, as an added method of protection.
3. Offer is accepted.
After acceptance:
a) Please send me your Realtor’s contact details. I will contact him/her for information on the property.
b) Please send me any remaining outstanding documents for the mortgage application.
c) For most purchases, I highly recommend that you get a home inspection.
d) The lender may require an appraisal on the property to confirm the property value.
e) I will obtain a Mortgage Commitment for you from a lender.
4. Remove subjects and provide your deposit.
5. Meet with me again to sign final mortgage documents.
6. Meet with your solicitor (Lawyer or Notary Public) to provide the remainder of your down payment & closing costs, as well as to sign the final paperwork.
Your solicitor will call you to set up an appointment. In some cases, you may also have to meet with your lender at one of their branches to sign additional paperwork. In these cases, the branch will also call you to set up an appointment.
7. Meet with your realtor to obtain the keys to your new home!
Contacting me to get a pre-approval will allow you to:
a. Hold a rate for 90-120 days so that you can house-hunt without having to worry about rates rising.
b. Determine your price range and what payments you are comfortable with.
c. Have a shorter “subject to financing” period than other bidders who have not secured a pre-approval.
2. Search for homes and make an offer on a home with the help of a Realtor.
I highly recommend that you use the services of a realtor when purchasing a home. Remember, realtors do not charge commission when helping you buy a house and they can provide you with professional expertise when searching for a home and writing a contract. Ensure that the realtor helps you to write a "subject to financing" clause in your contract, as an added method of protection.
3. Offer is accepted.
After acceptance:
a) Please send me your Realtor’s contact details. I will contact him/her for information on the property.
b) Please send me any remaining outstanding documents for the mortgage application.
c) For most purchases, I highly recommend that you get a home inspection.
d) The lender may require an appraisal on the property to confirm the property value.
e) I will obtain a Mortgage Commitment for you from a lender.
4. Remove subjects and provide your deposit.
5. Meet with me again to sign final mortgage documents.
6. Meet with your solicitor (Lawyer or Notary Public) to provide the remainder of your down payment & closing costs, as well as to sign the final paperwork.
Your solicitor will call you to set up an appointment. In some cases, you may also have to meet with your lender at one of their branches to sign additional paperwork. In these cases, the branch will also call you to set up an appointment.
7. Meet with your realtor to obtain the keys to your new home!