Getting a mortgage to finance your home is a crucial part of the homeownership journey. See our step-by-step guide to the home purchase mortgage process:
1. Determine your budget – Calculate your finances and determine how much you can realistically afford. Consider your gross annual income, total debts, down-payment savings, debt-to-income ratio, and more.
2. Get pre-approved – Apply for a mortgage pre-approval from a lender, indicating how much you could borrow and the interest rates you will be offered.
3. Start house hunting – Search for your perfect neighbourhood and the home of your dreams.
4. Qualify for a mortgage – Once you find the home of your dreams, provide the lender with its details to prove that you can afford it.
5. Confirm your down payment – Your down payment has to come from your own savings and you need to verify of the source of funds.
6. Finalize your paperwork – Negotiate the terms and conditions of your mortgage contract with your lawyer. Read the contract carefully and sign it to get your mortgage.
7. Get your keys! – As soon as the mortgage is finalized and the conditions of the purchase and sales agreement are met, the keys are yours.