8 Steps to Home Ownership
For most of us, buying our first home can be a confusing process. Luckily, by working with a mortgage broker you have an expert on your side. They deal with the mortgage process all day, everyday so they’ve basically seen it all. They understand that, usually, it’s a process most people only go through once or twice in their lifetime and that is why we are here to walk you through it every step of the way. Here are the 8 steps to homeownership you can expect when embarking on this new adventure.
1 | Consultation
This is where we will discuss both your immediate goals and long term vision for you and your family. We will collaborate to build your client profile regardless if this is your first purchase or your tenth refinance on an investment property. This consultation will also frame up targets for budgets, payments and approximate interest rates based on information shared and current market conditions.
2 | Document Gathering
Document gathering is critical as it helps us to achieve two goals: firstly, it provides the information necessary to accurately submit rate hold requests to lenders. Secondly, it allows you to spend the majority of your time focusing on finding the right property rather than searching for required documents later on.
3 | Secure Rate Holds
My team will assess and submit your application to one or more lenders for rate holds. Most rate holds guarantee the rate at time of submission for 90 to 120 days.
4 | Shopping
Since we have confirmed your rate hold, you can shop with confidence. We assist at this stage in various ways: reviewing strata documents, confirming with the mortgage insurers, as well as re-confirming your budget depending on strata fees and property taxes.
5 | The Offer
Your realtor will guide you through this step very closely to ensure you know your obligations and the seller’s obligations - all of which will be documented in the contract of purchase and sale by way of ‘subjects’.
6 | Lender Approval and Conditions
Just like subjects in an offer, the lender will have conditions on the mortgage commitment to ensure that you and the property are approved. Due to increased regulation, th lender may require a few additional documents at this point.
7 | The Home Stretch
We remove subjects once you and the lender are satisfied with all the documents. At this time, your non-refundable deposit to the sellers’ realtor is due within 24 hours. Your deposit will be held in trust and forms part of your down payment.
8 | Finalizing Your Purchase
Close to your completion date, you will meet with your solicitor to sign the final mortgage documents and pay the remaining down payment. This is when your mortgage will become legal and binding.
Although these steps make it all sound pretty straight forward, the mortgage process is different for everyone because it depends on the current market, your financial circumstances, and your specific goals for your property. If you want to get the most out of this process and make sure it is done right, we strongly recommend getting in touch with a trusted mortgage broker.
Don’t have one? The Weninger Mortgage Team has experienced brokers and prioritize your client experience. Book a call with them today and see what they can do for you.
