Brandon Nishi | Mortgage Broker
The Home Buying Process
1. Get Pre-Approved
Spend some time talking to your mortgage broker. Learn and ask questions before you start looking for your new home. Things you may want to go over:
- Know how much you can afford, and what your monthly payments will look like
- Go over any terminology you may be unfamiliar with
- Ask about interest rates and bank programs
- Tell your broker what your main goal is: lowest monthly payments possible? Paying off your mortgage off as fast as possible?
2. Find a Home, Make an Offer
You've just been pre-approved! Now find a realtor and go house hunt. You know how much you can afford and this will help save time for you, and your realtor.
Don't know a good realtor? Feel free to ask me and I can give you suggestions on realtors that specialize in certain areas. A good realtor will have good knowledge on the area you're looking for, help negotiate a better price, and will happy to spend time looking for your dream home.
Found your dream home? Make an offer!
3. Mortgage Approval
The seller accepted your offer? Time to get you approved
Your mortgage broker will send a full mortgage application to your desired lenders to help get you the best interest rates, terms and conditions. Please submit all necessary documents to your mortgage broker ASAP.
4. Finalizing the Deal
Your mortgage has approved so now its time to finalize the deal. With your notary or lawyer, you'll be going through details such as completion date, title insurance, and any legalities.
Usually at this time, this is where you'll need to pay for the downpayment, certain closing costs etc.
5. Completition and Posession Date
The most exciting day! You get the keys to your house!
This is the day when there is an exchange of funds between the buyers and sellers accounts. It'll also be the first day you get the keys and become a new home owner
6. Congratulations on your new home!
You're officially a home home owner!