Pre-Approval / purchase

The first step when looking to purchase a new home is to get pre-approved by your Broker. As a Broker, we follow the same process as your bank. We collect your information and any required documents, advise of a maximum approval amount, and then choose best the lender to hold a rate with.  

Our services are completely free to you. Once the mortgage closes, the lender we collectively choose will pay us a commission for answering your questions, collecting documents, qualifying you, and being your main point of contact. Similar to outsourcing, however we’re not tied to any one lender, so your best option is our first priority. 

Your next step is to reach out to your Realtor and secure a Purchase Agreement. Once the agreement is in place, you send this to your Broker to get the ‘full approval’ from the lender. That’s when the lender will review all documents (i.e. income documents, downpayment statements, purchase agreement, etc) and issue a Mortgage Commitment. Once the commitment is signed and all conditions are closed, the lender will send your lawyer an instruction package with everything they need.

Your lawyer will then handle all funds. They receive the mortgage funds from the lender, and the downpayment funds directly from you (usually in the week prior to closing). Your lawyer will also have you sign mortgage documents once again to witness your signature(s), and also sign the home title to transfer the new home into your name. You typically sign with your lawyer a couple days prior to closing, so on your closing date, all that’s left is to pick up your keys!

There’s a few other pieces along the way, however that’s where your Broker/Realtor/Lawyer come in. Working with a responsive and experienced team will make the process quite seamless, so you can actually enjoy it!