Purchasing Home

The first step any new home buyer should take before they start shopping is to determine how much of a mortgage loan they qualify for. It can be very disappointing if after you find your dream home, you discover that you don’t qualify for the mortgage.

Benefits of a Pre-Approval:

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The second step after you’ve received your pre-approval is to work with a good Real Estate Agent to help you find the home of your dreams. Working with a Realtor that you feel comfortable with is very important. Buying a home is the single largest purchase you may every make, you want to ensure your working with professionals that are sincerely looking out for your needs and interests.

The third step after you found the home of your dreams is to make a “conditional” offer to purchase. A conditional offer means you will buy the property if those certain conditions are met. At the very least your offer should include a condition on finance, or COF (even if you did the smart thing and got a pre-approval first) especially for high-ratio insured mortgages (meaning you have less than 20% as a down payment). The COF should be for at least 3 to 5 business days, so that you and your mortgage broker have enough time to get your live approval.

The fourth step would be to waive the COF by obtaining a “live” or “real” approval from the lender.

The following is a list of documents and information that you will need to provide in order to obtain your approval from the lender (note depending on the lender and situation, documents may vary)

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Any questions?
Talk to one of our Mortgage Professionals today: 416-466-5858

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