You need a Lender

You can either go through your bank or contract a Broker to find the best mortgage tailored to your unique financial circumstances.

Ask lots of questions along the way!

• What is your process for pre-approval and closing?
• How do you communicate with your clients?
• What is required for my down payment?
• What are your fees and how are they structured?
• What are the hidden costs?
• Is there an Origination Fee?
• Is fixed rate the best option for me?
• What is the prepayment penalty fee?

Succeed with Pre-Approval

After contracting your lender, they’ll be able to assess your financials and determine the size of the loan you qualify for.

By getting pre-approval, you’ll be able to:

• Narrow down your market
• Signal to sellers that you’re serious about home buying
• Make offers on your prospects
• Negotiate
• Close smoothly with a faster loan process

The Hunt

Working with your Real Estate agent, find the ideal home that best suits your pre-approval. Make your offer, and expect a counter offer — your Real Estate agent will guide you through the negotiation process. Once a price is reached that both parties can agree on, a purchasing agreement will be signed.

Applications & Processing

You’ll begin by filling out an application with your Lender about the home you’ve selected. They will create a file and request documentation. A home inspection will take place, followed by an appraisal to ensure the home is fit to sell. This is in the best interest of both the buyer and the Lender.

Approval & Closing

Once you submit your completed application, it will be reviewed by a mortgage specialist called an underwriter. They will look at the completed application and supporting documents and determine if your application is fit for approval. Basically, if they trust you’ll be able to pay back a mortgage within the agreed upon period of time. If they approve your application, you’re ready to proceed with the closing of the sale!