Home Buyer

The Mortgage Process

Step 1 - Pre-approval for a mortgage

As your mortgage consultant, I will take the necessary information to process your application and submit it for approval.  I will find a lender that will pre-approve a mortgage dollar amount, over a fixed period (usually 90 to 120 days) at a set interest rate and advise you of the highest home price your income will be able to support.

Step 2 - The Offer to Purchase

Work with your realtor and once you've found a home that meets your needs, you would present the vendor (seller) with an "Offer to Purchase" or an "Agreement of Purchase and Sale".  This document includes:

	purchase price
	chattels (items such as appliances, window coverings to be included in price)
	all financial details
	details of conditional items such as home inspection or arranging mortgage financing
	closing (possession) date
	request for a current land survey of the property
	expiration date and time when the offer becomes null and void

Step 3 - Accepted Offer

Once the Seller has accepted your offer, you or your realtor would fax me a copy of the contract and property feature sheet.  I will order an appraisal (if necessary): you or your realtor would order the Home Inspection.  We will also gather and submit any remaining documents to the lender and ensure all conditions set out by the lender for your mortgage have been met.

Step 4 - Removal of Conditions

Once all conditions have been met for your mortgage and once your home inspection comes in as acceptable, you along with your realtor would remove the conditions for finance and home inspection.  The deal is now a "firm" deal.

Step 5 - Lawyers Office

The lawyer will receive mortgage instruction documents from the lender.  He/she will then prepare the documents and register the mortgage.  You will meet with the lawyer one to two weeks before possession date to review and sign the "legal" documents.  You will provide any remaining money owing to the lawyer.  Example, the rest of the down payment, property tax adjustment, legal fees and closing costs.

Step 6 - Possession Date

Once all of the conditions outlined in the offer are met and the closing (possession) date has arrived, your Realtor will pick up the keys from the lawyer and release them to you and the property will be legally yours.

Congratulations on Your New Home!        

Apply Now to get pre-approved    OR    Contact Me for more information.