|
Term |
APR |
| 5 yr variable |
4.65 |
| 1 yr fixed |
5.50 |
| 3 yr fixed |
5.50 |
| 5 yr fixed |
5.79 |
| 10 yr fixed |
6.25 |
|
|
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Buying a home can be exciting and emotional. A mortgage is essentially a loan for the house. It involves many people coming together, agents, mortgage specialists, lawyers, appraisers and home inspectors.
Financial and legal issues are involved and it may seem complex. It is not really.
This is a good guide for a purchase from start to finish.
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Get an accurate preapproval.
This locks in your guaranteed interest rate for up to 120 days. It lets you know what you can afford and it may give you more clout in making a deal. It can give you credibility. Go on line to apply: On Line Application and Preapproval. Let us know if you prefer one bank to another and if you prefer branch banking to on-line banking.
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Get an agent and go house hunting, make an offer on the home you want.
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There can be back and forth negotiation as to price.
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When an offer is accepted, it is faxed to us along with the listing. If it is a private sale, advise us beforehand. Advise us on the down payment amount and what term you would prefer. Note, this is open to revision at anytime. Provide us with as many property details as you can. An appraisal may or may not be required depending on the situation. A deposit is made with the offer to show good faith.
It is wise to make the offer conditional on financing.
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The offer and listing combined with your application and credit bureau are submitted to the lender of your preference. Turn around time is usually 1-2 days.
- When we receive the mortgage commitment, we get together to go through the mortgage commitment and options such as:
- rate
- term
- fixed or variable or a combination
- payment frequency
- amortization
Conditions are key. They can involve proof of down payment, proof of income such as a letter of employment or tax returns depending on your situation.
If you get this information ahead of time, so much the better. We can meet at your home, place of work or wherever is easiest for you. We can also have a transaction over the phone, fax, or email if you prefer electronic only. This can also be advantageous when we are separated by a great distance, such as another province.
Once we obtain conditional approval, the appraisal process may take place and a home inspection can be ordered. Generally the older the home, the more a home inspection is requested.
Instructions will be given to your lawyer usually 5-10 days before your closing date. The mortgage is ready to fund when all conditions are met.
We keep communicating with you to update on status. Feel free to call us with any questions that you have.
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