Getting Approved Step by Step Guide to the Mortgage Process
When you are ready to begin the search for a new home the first step is to become pre-qualified for a mortgage. Be prepared to have employment information available to present to the lender. There are several ways to do this, you may visit the bank directly, or you may prefer to enlist the services of a mortgage broker to ensure you receive the best rate possible.
Role of the Mortgage Broker
A mortgage broker works for you, but is paid by the banks upon the funding of your mortgage. Mortgage Brokers don’t work for any specific lending institution. Their role is to find you the best terms and rates. Remember that different institutions lend money for mortgages, such as banks, trust companies, credit unions, pension funds, and finance companies. There may be other options for you if traditional lenders are not an option. Please don’t hesitate to contact Bruce for a list of mortgage brokers we would be happy to refer you to.
Once you have been pre-approved we can begin the search for your new home. Please remember that a pre-approval is not a guaranteed mortgage. Once you have made an offer on a property you must obtain final approval from your Lender to solidify your mortgage.
Selecting Your Location
Get to know Calgary’s Neighbourhoods
The City of Calgary is divided into four quadrants. Northwest Calgary is the region west of Centre Street and North of the Bow River. Northeast Calgary is the region east of Centre Street and North of Memorial Drive. Southwest Calgary is the region south of the Bow River and West of Centre Street. Southeast Calgary is the area south of Memorial Drive and east of Macleod Trail. With over 196 Communities that make up Calgary, there are a lot of choices for the Home Buyer. It is best to narrow your search to your favourite neighbourhoods and we will the work together to find your dream home.
Click here for the mortgage calculator.
Presenting an Offer
Assisting you in Determining the Purchase Price
Bruce has access to the most recent sales in all of Calgary. He is able to determine the market price for listings in the area and will help to secure you the best purchase price possible.
Representing you in the Purchase Process
Once you have selected a property to write an offer on Bruce will negotiate on your behalf with the listing Realtor and work to get you the best purchase price possible.
Protecting your Investment
Bruce’s number one job is to ensure that your deposit is protected in this phase. He will work with you, home inspectors, and mortgage professionals to ensure that you are protected along the way.
Role of the Lawyer in the Real Estate Transaction
Once you have a Firm Contract and you have waived all of your conditions you will need to retain the services of a Lawyer. It is highly recommended that you hire an experienced Real Estate Lawyer to act on your behalf. The Lawyer will be the one that prepares the Transfer of Land as well as important Mortgage Documents. Ideally, you will meet with your Lawyer 1-2 weeks before possession date to sign off on the required legal documents.
It is important to ask your Lawyer up front what their legal fees will be and what is included. There can be additional costs that come up throughout the Legal Transaction and it is important to be informed as to what these will be.
Step by Step Guide to the Legal Process
Retaining a Lawyer. Once your contract has firmed up you will need to retain the services of an experienced Real Estate Lawyer. It is best to call around to obtain quotes from a few Firms first before you choose a Lawyer.
Advise your Mortgage Professional of your Lawyer. Be sure to provide full contact information for your Lawyer to the lender.
Once the mortgage instructions are received by the Lawyer they will contact you to book your appointment. At your signing appointment you will have the opportunity to meet with your Lawyer and review the transfer and lending documents.
On closing day the lender will forward the mortgage proceeds to your Lawyer. Your Lawyer will transfer the money to the other party. Once the money has been received the Lawyer will give the okay to release keys.
Your Lawyer is then responsible for registering the Transfer of Land with the Land Titles Office. You will receive a copy of Title in the weeks following your possession.
Click here for a moving day checklist.
- Whether you are moving yourself or planning on hiring a moving company here are a few tips for moving day:
- If moving into a condo or apartment be sure to book off the elevator with the property management company
Keep a catalogue of what you packing in each box. This will help you significantly when you begin the unpacking process.
Keys will be released once the full Cash to Close has been transferred between the Buyer and the Seller’s Lawyers. Bruce will meet you at the property to complete a walk-through and ensure everything is in order. Once this is completed, Congratulations you are home!