Steps to Successful Home Ownership
Getting FinancingApplying for a Mortgage
To apply for a mortgage you will need to meet with your mortgage lender and fill out a loan application. This application details information concerning the type of mortgage loan you wish to receive and details your personal financial situation. To complete this application, you will need to provide the following information:Qualifying for a Mortgage
To qualify you for a mortgage application, lenders look at five factors:Mortgage Approval
To be approved for a mortgage your application must have the following features:Tips to Improve Your Credit Report
Glossary of Mortgage Terms
Amortization: The number of years it takes to repay the entire amount of the mortgage.
Making an Offer to Purchase
Your real estate sales representative will communicate your offer to the homeowner and their agent. The homeowner can either accept your offer, make changes to your offer, present you with a counter- offer or reject your offer completely. Generally, there are several counter-offers back and forth until a final agreement is made. The Offer to Purchase is a legally binding agreement between the buyer and the seller.
Finalizing Your Mortgage Application
Once your offer has been accepted, completing your mortgage application is the next critical final step in securing your home. You will need to meet with your lender to discuss the purchase. Bring along your pre-approved mortgage certificate, a copy of the real estate listing, a copy of the accepted Offer to Purchase, proof of employment/income and the details of your down payment.
Secure a meeting with your real estate lawyer prior to the closing date to review and sign documents and pay fees relating to the purchase of your home. This includes a certified cheque to pay for closing costs and any other fees that are still outstanding against your property. Your real estate lawyer will turn over the keys to your new home on the closing date. When all of the paperwork is complete for the purchase of your home, your mortgage and the deed for the property will be recorded in the land registry office. You are now officially owner of your new home!
Call David today at 416.606.2158; or connect via email at email@example.com or simply complete the form below.