- Meet with your Mortgage Broker
This important first step is where I get to know you, not just your plans for your new home, but also your goals for the future. I can also offer advice on boosting your credit rating so you are eligible for the best possible mortgage rate, and will outline the extra costs that come with buying and maintaining a home. Be sure to bring all of your questions!
- Know your purchasing power and buy your home!
Before you start house shopping, I can make sure you have a good idea of the amount of mortgage you can qualify for based on your downpayment, income, assets/liabilities, and credit score. This way you’ll know how much it will cost you to carry the mortgage, and both realtors and sellers will know you’re serious. Now, go house shopping. Let me know if you need a realtor partner. Congratulations, you’ve bought a home!
- Get your mortgage
Your mortgage amount will be finalized based on your purchase price. I will submit your application to the selected lender and advise you of the documentation you need to support your mortgage request. Your lender may need an appraisal of the property. We’ll then receive a commitment from the lender, which includes the mortgage details and any conditions. You’ll need to make sure the conditions are met and forward any additional required documents. Once you have your approval, you can waive your financing condition if you had one.
- Prepare for the big move
Your lender will send your mortgage information to your lawyer. Please let me know if you’d like to be referred to one of my lawyer partners. Approximately 10 days prior to the closing of your home, you’ll meet with your lawyer to provide identification and your remaining downpayment, sign all of the documents that relate to your new home, and review your closing costs.Then everything will be in place for your completion date!
On the day you take possession of your home, your mortgage funds are sent by your lender to your lawyer. Now you can move in and begin enjoying your new home! And thank you for your confidence and trust! The right mortgage is always a great beginning on a smart financial plan for your future.