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The Process of Purchasing a Home
Purchasing property is the single most expensive investment most Canadians will ever make. The process can be extremely intimidating and stressful. Working with a professional mortgage specialist can substantially ease your worries! We are here to answer all of your questions and walk you though the steps of buying your home. We also help you understand the process and explain all the options in order to make you feel more comfortable with your purchase.
A pre-approved mortgage is prudent if you are in the market to buy a home in the near future. This allows you to secure a rate from the lender for a period of 90 -120 days. It puts you in a position of power since most real estate agents will not accept an offer unless the client has been pre-approved for mortgage financing. It also enables you to negotiate the purchase price of the home with confidence because you will know the amount of mortgage you qualify for. This also enables your realtor to look for the home that fits your financial needs and situation. Pre-approved mortgages put you in a strong negotiation position and locks in the best possible rate for you while you shop for your home.
A pre-approved mortgage is based on information you provide with your application and subject to verification from the lender. Approval is always subject to conditions from the lender such as income verification and proof of your down payment. Therefore, it is important to provide the most accurate information possible in order for the broker to determine which lender we will submit your application to and where to obtain the best rate.
If you are planning to purchase a home give our Audrey Kurek a call at 403-247-9770, or take a moment to fill out the online mortgage application.
I look forward to helping you!
i. Application: Apply online or download our printable application, which can be faxed back to us at 1-888-470-4670
ii. Mortgage Specialist: Mortgage specialist shops for the best rate
iii. Review Commitment: Mortgage specialist reviews commitment via phone/fax or via email
iv. Approval: (Client has accepted offer) Submit to CMHC/GE/CG or order appraisal
v. Removal Of Financing Conditions: (if offer to purchase is subject to Financing)
1. Received CMHC/GE/CG or received Appraisal
2. Go over the Outstanding Conditions with client
3. Client can now waive financing condition
vi. Documents: All documents should be in 10 Days after Accepting Offer
vii. Lender: The lender will send the documents to your lawyer
viii.Lawyer: 14 days
1.Before closing, please call your lawyer at this time to confirm that they have received mortgage instructions
2.Any outstanding money owed for down payment is paid to lawyer with closing costs
ix. For additional information on the home buying process, review this step-by-step guide from CMHC.
Congratulations – You now own your new home!
Salaried/Hourly Employee
- Letter from employer (how long on job and gross annual earnings).
- Recent Pay Stub
- Salaried/Hourly Employee with over time or bonus income
- Above plus two years NOA or T-4’s to prove extra income
Self Employed or Commissioned Clients
- Last two years Revenue Canada Notice of Assessment – this form is required to confirm tax returns were filed
- It is mailed to you by Revenue Canada after you file your taxes
- Last two years financial statements if incorporated
- Last two years statement of business activities if a proprietor
- Last two years of your T1 Generals (first two pages only)
Down payment
- If taken from savings, we need three months bank statements showing the amount being saved
- If from a gift, we need a signed gift letter. CMHC/GE /CG requires that the gift be deposited into the bank 15 days prior to possession of your new home
- If from the sale of home we need a copy of the offer to purchase and waiver(s) of sale on existing home, with corresponding mortgage statements
Other Documentation
- Offer / Feature sheet or MLS listing
- Copy of separation agreement if applicant is divorced or separated
- Lawyer’s name and address
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