8 Steps to Home Ownership

8 Steps to Homeownership: A Smooth Journey to Your New Home!

1. The Consultation:
   We’ll start by sitting down to chat about your goals—both the short-term and the big-picture vision for you and your family. Whether this is your very first home purchase or your tenth investment property, we’ll work together to create a tailored plan that fits your needs. We’ll also help set realistic targets for your budget, monthly payments, and get a sense of the interest rates based on current market conditions.

2. Gather Your Documents:
   It’s time to gather the paperwork we need! Don’t worry, we’ll guide you through it. This is an important step, as it helps us lock in a solid rate hold with lenders and saves you time down the road. That way, you can focus on finding your perfect home without scrambling for documents later.

3. Secure a Rate Hold:
   Once we have your documents, my team will get to work, submitting your application to one or more lenders to lock in your rate. Most rate holds are good for 90 to 120 days, so you can shop with confidence knowing your rate is secured.

4. Home Shopping:
   Now the fun part begins—finding your dream home! With your rate hold in place, we’ll work together to keep everything on track. I’ll review strata documents, double-check mortgage insurer requirements, and help you stay within your budget, factoring in things like strata fees and property taxes. It’s all about making sure your dream home is also the right fit financially.

5. Making the Offer:
   When you’re ready to make an offer, your realtor will guide you through every step. You’ll fully understand your commitments and the seller’s obligations, and everything will be clearly outlined in the contract of purchase and sale. Your offer will include any 'subjects'—conditions that need to be met before the deal is final.

6. Lender Approval & Conditions:
   Once the offer is accepted, the lender will review everything to ensure the home and the mortgage meet their guidelines. At this stage, they might request a few extra documents—nothing to worry about, it’s just part of the process to keep everything running smoothly.

7. The Home Stretch:
   We’re almost there! Once the lender is happy with the documents, we’ll remove the ‘subjects’ and your dream home is one step closer. Within 24 hours, your non-refundable deposit will be due. It will be held in trust and applied toward your down payment, securing your place.

8. Finalizing Your Purchase:
   As your closing day approaches, you’ll meet with your solicitor to sign the final mortgage documents and settle any remaining down payment. Once everything is in place, your mortgage becomes official—and congratulations, you’re a homeowner!

   If you have any questions at all, please do not hesitate to reach out to discuss your particular situation. Feel free to book a strategy call with me below.

   https://barbaraessauncelicensedmortgagebroker.setmore.com/barbara