🏠🏠😅What to expect when you're expecting... to purchase:
Step 1: pre-approval - the budget is set. You should be giving documents for your personal or business income. Your credit is pulled and your finances are all reviewed by your mortgage professional.
Step 2: house shopping - the fun part. You have an experienced Realtor helping you every step of the way.
Step 3: putting an offer in on a home (you'll be required to put down a deposit of usually $5,000-$10,000 within 48 hours, so be prepared to have these funds readily available).
Step 4: meeting your conditions - perhaps a home inspection, getting your mortgage finalized, etc. You'll have a set timeline when all of these items must be completed by. This is the step where you may need to submit updated pay stubs and bank statements to get your final mortgage approval - and quickly!
✔Financing comes first - without having mortgage approval you can't make the purchase (unless we're talking cash). I'll be working hard behind the scenes, ensuring your mortgage is approved in the appropriate timeline.
Step 5: your financing and other requirements have been satisfied, and you can remove conditions with your Realtor. This makes the sale official.
Step 6: the lawyer you've chosen or been referred to will be working on your file to ensure the house gets transferred officially to you. During this time you'll need to set up property taxes, utilities, and home insurance. You'll sign off with the lawyer and pay the remainder of your down payment + legal fees + closing costs (that deposit you've paid has been put towards the down payment amount).
Step 7: possession day! Once the funds have been transferred to the seller, the lawyer's office will give the go-ahead to the Realtor's office to release the keys. You'll get keys typically around noon to your new place. It's recommended not to book movers in case there is a delay getting into your new home. Instead, consider taking a few days to change the locks, clean, paint or do any other repairs before the home is filled with furniture.
Remember you have a team of professionals working behind the scenes to ensure everything is completed on time. We got you!