As a Grimsby and Hamilton based mortgage broker, I am aware of the importance of understanding the mortgage process. The entire process can change based on a variety of circumstances, but there are a few aspects that remain relatively the same from client to client.
Throughout my years of experience in the mortgage industry, I have learned that taking the first step is the hardest part and that is mainly because most people start out without knowing the basics of how the process goes and what they should expect.
At Canadian Mortgage Authority, we want all our clients to feel comfortable and knowledgeable while they work with us to reach their home financing goals.
The following information should give you a better idea of what to expect during the mortgage process. We hope this helps make the process seem less intimidating!
Mortgage Process Checklist:
- Contact us today to start the process and guide you through the necessary steps.
- We will work with you to put together a plan, which will include saving for a down payment, managing your credit, and what to expect at each step of the process. All of this is covered in our exclusive “Road to Home Ownership Program”.
- Identify and collect the necessary documentation that will be required by the lender, to ensure that your experience goes as smooth as possible.
- After reviewing your income, credit history, and discussing your goals, we will work with you to pre-qualify you for a mortgage, and setting a price point for a home purchase.
- Start working with a Realtor. We can refer you to reputable agents in your area if you don’t have an existing relationship already.
- You and your agent will submit an offer to purchase a home. You want to make sure that you stay within your set budget, and not let emotions allow you to over bid on a house.
- You will want to include a “Condition of Financing” in the offer, which ensures that your mortgage will be approved. This will include the lender accepting your income, as well as, receiving a satisfactory appraisal report if required.
- We will secure you the best deal possible based on your individual needs.
- Depending on the age of the property you may wish to have a home inspection done.
- An appraisal may be required by the lender to confirm the condition and value of the property.
- Decide on a lawyer. If you don’t have a lawyer we can refer one to you.
- Purchase home insurance/fire insurance
- Meet with your lawyer, provide them with the down-payment and get the keys to your knew home and move in!
The checklist may seem daunting, especially if this is your first home purchase. But be assured that we will guide you through each step of the process and make it as “stress free” as possible.
We know that you will have many questions, and we are very responsive in answering them in a timely fashion.
Questions are good. We want you to be comfortable and informed at each stage of the process!