EDMONTON MORTGAGES BY LICENSED BROKERS.

Buying a home is the largest purchase most people make during their lifetime. At Dominion Lending Centres Mortgage Force, we want to educate each and every client with the mortgage process. We strive to provide info not only about getting a mortgage but also about buying a home. The home buying process is typically split into a few steps outlined below:

1. Initial Planning

At the planning stage, you must decide if owning a home is right for you. You must gauge your financial fitness, and readiness to take on the responsibility of homeownership. At this stage, you must decide where you want to live, establish a personal budget, build your dream team of sales, and mortgage professionals, and prepare yourself for homeownership. We can recommend our proven network of realtors, lawyers, inspectors, etc. to you.

2. Mortgage Planning/ Pre-approval

At the Mortgage planning/ Pre-approval stage, it’s important to contact us so that we can start talking about how you’re going to finance your dream of homeownership. Set aside 1- 1.5 hours so that we can properly educate you on the steps of homeownership. We will also run calculations to check what your maximum mortgage approval amount will be based on your income, existing debts, and down payment. We will also have a discussion in regards to rate, and specific products that we recommend based on your personal situation and goals. If you’re ready for a pre-approval, we will gather all the relevant information for that. If you just want to come in to just have a conversation, we’re fine with that too! Our services are completely free to use, so contact us today to set up a time to meet at your convenience.

3. House Hunting

The house hunting stage is probably the funnest part of the whole process. Once you’ve spoken to us, and know your budget, and financial health, it’s time to go house hunting! You will view many houses with your sales professional until you find one you love. Your licensed realtor will note your likes/dislikes and show you homes that match your criteria.

4. Preparing an Offer and Acceptance

Once you’ve found a home you love, you will negotiate and prepare a written offer with your realtor based on many factors. This offer will accompany conditions (financing, inspection, condo doc. review, etc), a condition removal date, and possession date. This offer will accompany a deposit that will go towards your down payment. The seller then has the option to accept, decline, or counter-offer. Once a price and terms/conditions agreement has been reached, it’s considered a “pending” deal. Don’t worry, you can back out at any time before your condition removal date.

Edmonton Home Buying Process – Residential Mortgage Edmonton

The Mortgage Force Team – Edmonton Mortgage Brokers

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5. Mortgage Financing

Even though you might have been pre-approved for your mortgage, we will need to submit a “live application” with the property details. Once we submit a “live application”, we will usually get approval back in 24 hours. We will go over your approval and explain the rate, and your mortgage terms and conditions/ You will then work with us to tick off all the document requirements of the approval (income confirmation documents, down payment confirmation, etc. ) We will tell you with the file is complete on our end, and when all the lender conditions are removed. The lender will send the final documents for signing to a lawyer of your choice. Once all of the lender requirements have been met, you are all set to move on to the next steps!

6. Condition Removal

Once you’re all approved for your mortgage it’s time to order the inspection (if applicable) and remove final conditions. Your realtor will guide you through this process. Once you have removed the conditions, the deal is now binding.

7. Meeting with the Lawyer

Canadian institutions fund mortgages through lawyers. You will also sign the final legal documents associated with your home purchase transaction. Lawyers ensure that Buyers are protected against title issues and other potential problems with the legal aspects of the purchase. Lawyers also ensure the smooth transition of funds from one party to the other.

8. Possession Day

The final step is taking possession of your new home! You will typically receive the keys between 12 and 2 pm but can arrange to pick them up later if you prefer. Congratulations on your new home! Whether you are a first-time or experienced buyer with excellent credit, the Edmonton’s Mortgage Force Team has access to the best products and rates available across Canada. Give us a call; you’ll be surprised how much of a difference we can make for you.