Things to Consider When Buying Your New Home . . .
Learn the Language
- become familiar with mortgage terminology and with the process of buying a home
- ask for a mortgage pre-approval before searching for a home
- by doing this, you will know how much you can afford to pay before you start house hunting
- this is the fun part!
- enjoy the time you spend looking for a home that suits your needs and preferences
Make an Offer
- when you find the perfect home make an offer to purchase, conditional upon the final approval of financing from your lender
Finalize Your Financing
- provide your mortgage broker with a copy of the Purchase and Sale Agreement papers
- you may also be asked for other confirming documents at this time
Receive the Mortgage
- we will have the property appraised and will send you a formal written commitment within a few days
Bring in Your Lawyer
- we will forward a copy of the signed mortgage instructions to your lawyer
Get the Keys
- on or near the day of closing, the funds will be forwarded to the lawyer by the lender where they’ll be held in trust until the sale of your home closes
- the lawyer will handle the actual transaction
- pick up the keys and move into your new home!
Mortgage Brokers vs. Banks Pros and Cons