First Time Home Buyer | Kamloops | Mortgage Centre
For first time buyers, it may seem like a daunting process, but it doesn’t have to be!
First Step, meet with your Mortgage Broker to see what you qualify for in terms of a mortgage and get Pre-Qualified/Pre-Approved. Unlike the bank’s short process, Brokers have a deeper process, including a credit check, in order to give you an idea of how much you can spend on a home purchase or offer suggestions on areas to improve in order to get you into your new home.
Second, meet with your Realtor. Realtors have access to information you can’t find online, and their services are at no cost to the buyer. Realtors work to find you the right home, help with the negotiations, making sure you’re not going to run into any legal issues, and that there are no surprises come possession day.
Third, go home shopping! Looking for a home is generally a fun experience. Sometimes, you don’t know what you like or dislike until you’ve seen a few properties. Be sure to take notes to help you in your decision making process. If you’re looking at strata properties, make sure that strata minutes and documents are reviewed. Your Realtor should be doing this for you.
Fourth, sign a purchase agreement. When you have found the right house, you and your Realtor will work together to negotiate the price, terms and conditions. Financing is always a condition to the purchase of the home, as well as home inspection and more. Your Realtor should discuss the conditions of the contract prior to signing.
Fifth, get a mortgage approval. Once you have a signed purchase contract let your Mortgage Broker know. Your Broker will submit your application along with supporting documents. Once approved, the lender will send a mortgage commitment letter for you to sign along with terms and conditions.
Sixth, meet with your lawyer. It is important for you to understand the ins and outs of your contract. It is highly recommended that you choose your own lawyer to help with the legal process of your home purchase.
Seventh, closing. Soon before closing, you will need to meet with your lawyer to sign the final mortgage commitment transfer your deposit and any outstanding fees in trust to your lawyer. Your lawyer will go over the contract terms and conditions and handle the closing process. On closing day your lawyer will complete the transaction with the lender’s lawyer and complete the closing process.
Eighth, take possession of your new home.