1 - Pre-approval

Starting off with a pre-approval is one of the BEST things you can do to simplify the home buying process! Some Realtors won't show you houses without one. A pre-approval gives you:

• Your spending ceiling
• Ability to move fast to put in an offer on the home you want
• Credit review
• A potential rate hold should rates be going up

Ready to start your homeownership journey now?  

2 - House Hunting

Now the fun part! 

First things first, you need a Realtor. They will:

• Find homes based on your criteria
• Book viewings
• Handle paperwork 
• Negotiate on your behalf
• Write & submit the offer
• & much more!

Plus, there are no realtor fees for you when buying, only selling

*I highly recommend using a Realtor - I have a few Realtor partners I can recommend if you don't already have one.

3 - Offer Accepted

Wooohoo! Now we discuss:

• Getting a Home Inspection
• Appraisals - can be required by the lender or mortgage insurer. What to know, how much and do you have to pay?
• Down payment - how much and where is it coming from?
• Mortgage Default Insurance - will it be built into your mortgage and how much?

4 - Final Approval

This is the stage where I work my magic! I'll shop for the best mortgage, rate and lender that fits your needs while ensuring you are aware of all the mortgage options available to you, including fixed vs. variable rate, closed vs. open, high-ratio vs. conventional, etc.

Once we determine what is best for you, I'll submit for a Mortgage Approval.

5 - Document Collection

I may need to gather some more documents from you at this stage, such as:

• Down payment confirmation: If receiving gifted funds, a gift letter, bank statements leading up to your offer date
• An updated employment letter
• Quotes from contractors if building renovations into the mortgage

I submit your documents to the lender providing an approval for their review. Once review is complete, you are set to remove conditions on your property and move forward with next steps.

6 - Pre-signing Meeting

We will setup a call before closing to finalize details of your mortgage and ensure you know what all needs to be done before closing, including:

• Home Insurance
• Contacting a Lawyer and what you'll need to bring to the signing appointment
• Discussion of insurance to protect you in the event you can't make your mortgage payments

7 - Home Insurance

Home insurance is required for all mortgaged homes and should be in place prior to closing, preferably before you head into the Lawyer's office. The lender needs proof of fire insurance in order to fund your mortgage.

Coverage for your property varies by insurance company and policy type. An insurance broker can help you price out. 

*TIP: price out early, before removing conditions is best, so you know approximate cost and potential roadblocks for insuring your home ahead of time rather than after the fact once you are committed to purchase.

8 - Lawyer

Time to sign your mortgage papers!

This is where you'll sign mortgage documents, pay your balance of the down payment, arrange for payment of closing costs and determine if there is a property tax balance owing or in your favor from the seller.

9 - Possession Day

Finally the big day...Congrats! 

The closing date is where your mortgage is funded and you can arrange to get the keys with your Realtor.

Some tips for your first day in your new home:

• Do a full walk-through and check everything. If anything out of the ordinary or damaged, contact your Realtor immediately
• Change locks
• Read meters

10 - Congratulations!

You are now officially a homeowner. What's next? Payments of course...

• First payment - typically 1 month after your closing day, but this can be set to another date that works better for you
• TIPPS - this is your property tax payment plan through your city/town. Property taxes can also be taken with your mortgage payment by the lender and paid on your behalf. This would have been arranged at approval time and with the lawyer