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 on the process, or not only getting a mortgage, but also buying a home. The home buying process is typically split into a few steps outlined below:
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 responsibly of home ownership. 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 home ownership. We can recommend our proven network of realtors, lawyers, inspectors, etc. to you.
At the Mortgage planning/ Pre-approval stage, its important to contact us so that we can start talking about how your going to finance your dream of home ownership. Set aside 1- 1.5 hours so that we can properly educate you on the steps of home ownership. 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.
The house hunting stage is probably the funnest art of the whole process. Once you’ve spoken to us, and know your budget, and financial health, its 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.
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 a possession date. This offer will accompany a deposit which 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.
Even though you might have been 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 an 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!
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.
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.
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.