Below, we have laid down some steps to narrow down the process.
- I always like to start the process with a phone call to discuss what you’re looking to do and get some basic information.Call Now
- Next you will need to fill out an online application in detail so that my team and I can assess your current situation and start your pre-approval process.
- Next step, my client care specialist will contact you.
CLIENT CARE SPECIALIST
- There are 3 main categories involved with your pre-approval;
- A Client Care Specialist will be in contact with you, requesting a list of documents or information we will need to get you pre-approved.
- Employment letter
- 2 recent paystubs
- 2 most recent years t4’s
- 2 most recent years t1 generals
- 2 most recent years NOA’s
- Articles of Incorporation / Business Registration (self-employed)
- Credit Cards
- Lines of Credit
- Auto Loans
- Personal Loans
- Saving/Checking – 90 day account history Investments – 90 day account history
- Gift – Gifted funds MUST be from a family member. You will be required to provide a signed gift letter.
- Closing Costs – This refers to the costs that will be incurred in addition to your down payment to legally take possession and Title of your new property.
- This is where your Real Estate Agent comes into the picture! This is the time where you will be going to open houses, and looking at homes/condos until you find the perfect one! Take your time with this, especially if it’s your first time purchasing a home or condo. This could be the largest investment you have ever or will ever have to make!
- Once you have found the perfect home, you will write an offer to purchase that home with your Realtor. Your Realtor will then present it to the sellers, and hopefully it will be accepted!
- Congratulations! Your offer to purchase was accepted! Your realtor will now email my team a full copy of your accepted offer to purchase, along with the listing.
- This is when your accepted offer to purchase file gets submitted to the Mortgage Lender and, if applicable, Mortgage Insurer.
- Mortgage Lender – This refers to the financial institution which we will be placing your new mortgage with.
- Mortgage Insurer – In Canada, anytime you are putting less than 20% as a down payment on your purchase, one of 3 Mortgage Insurer’s is involved.
- CMHC – Canada Mortgage and Housing Corporation (https://www.cmhc-schl.gc.ca/en/co/)
- Genworth Canada (http://genworth.ca/en/index.aspx)
- Canada Guaranty (http://www.canadaguaranty.ca/)
- Once we have received approval from the Mortgage Lender, I will contact you to set up a meeting in order to sign your Mortgage Approval documents!
- During the signing process, I will go through the mortgage approval with you outlining important information and will be able to answer any questions you have. Plan for this to take up to an hour. Once we are finished, if there are any outstanding conditions or documents you have not yet provided my team, they will be in contact with you to get these things.
- You will need to use a lawyer/solicitor in order to legally close and take possession and title of your new property. Usually they will call you to set up an appointment a few days prior to your possession date. Any deposit that you have given with your offer to purchase will be put towards your down payment. Your lawyer will let you know what the amount required will be for the remainder of your down payment and closing costs. You will need to get a certified check or bank draft for that amount and take to your signing at the lawyers office, along with 2 pieces of ID.
Once you have met with the lawyer and signed all the necessary documentation, all you have to do is start packing and wait for your possession date of your new home!