Getting pre-approved for the purchase of your home, will create a less stressful experience. It will allow you to:
- Establish your price range and the amount you are comfortable with for your payments. - Have your mortgage rate locked in for 90 - 120 days. This will allow you to search for your dream home without worrying about the possible increase of rates. - Gives you a foot in the door when you have found your dream home. As you have been pre-approved, you will have a shorter subject to finance period then those who have yet to do so.
2. Finding Your Dream Home
I would always recommend working with a realtor when purchasing your home. They will give you their professional expertise while finding your home and are the ones who will write the contracts. Remember, realtors don't charge commission for home buyers. This means you will have a professional helping you every step of the way without the worry of an additional cost. It is always a good idea, to have your real estate agent to write a "subject to finance" clause to give you an additional piece of mind.
Congratulations! Your offer was accepted from the home owners. There are now a few steps we will go through together to get everything in order:
- Send me your Realtors information. I will need to be in contact with them to get the property's information. - If there are any outstanding documents from the mortgage application, I will need you to send me those. - I will always recommend you get the home inspected. You don't want any surprises after you've purchased the home. - You may need to get an appraisal on the home for the lender - I will then get the Mortgage Commitment from the lender for you.
4. Remove Subject & Provide Your Deposit
5. We'll Meet To Sign The Final Mortgage Documents
6. Meet With Your Solicitor (Lawyer/Notary Public)
You will provide them with the remainder of your down payment and closing cost. You will also sign all of the final paper work. The solicitor will call you to set up an appointment. In some cases the lender may also want to meet you to sign additional paper work, if needed they will contact you.
7. Meet With Your Realtor
Go get the keys to your new home!
As you can see the first step to getting into your first home is to get pre-approved. Why not contact me today to see what homes fit your budget?