The Home Buying Process
Updated: Oct 10, 2019
Thinking of buying a home ? Here's quick overview on the process.
The first step is the most important, getting PRE-APPROVED, properly! This means your income, down payment, and credit have all been verified. It gives you true affordability, allows for faster turnarounds, and increases your chances of approval. If you don't provide all documents up front, there's a much higher chance you'll encounter some problems later on.
Once you're Pre-Approved, it's time to connect with your realtor. It's at this time you go over your budget, which allows you to view the right properties, and put in an offer on the property of your choice. Always use a realtor who specializes in the area you're looking for, has experience, and is someone you can trust to get the job done. If you don't have a realtor, we can connect you with one of our realtor partners who are experts in their field.
Once your offer is accepted, it's time to provide all property relating docs to the broker. This includes the accepted offer, the property disclosure statement (PDS), MLS, and strata docs if applicable.
Now that all the documents are in hand, it's time to submit for approval.
Once we receive the approval (Commitment Letter), it's time to sign and satisfy the conditions (all mortgage approvals come with conditions). Common conditions can be appraisal, home inspection, paying down current debt, etc.
After all the conditions have been satisfied, it's time to remove subjects. Once subjects are removed, the contract is now binding. Your next step is to provide the deposit to the seller.
The last step is for the lender to instruct their lawyer, who then gets in touch with your lawyer. Your lawyer will contact you to go over the legal aspects of the terms and conditions, have you sign, and register the mortgage.
Now all you have to do is wait for the completion date for everything to finalize. The completion date is usually followed by the possession date where you receive the keys to your new home.
If you have any questions, feel free to reach out