Buying a home, how does it all work?
Buying a home is an important decision, from how much you can afford, where to buy and what to buy? We know you have questions and we can help!
Be Pre Qualified!
Pre Qualification is the most important step to a simple and sweet mortgage experience. We will help you determine how much you can truly afford under lending guidelines.
Let’s take an application either online or with one of our Experts. We’ll help guide you through the important questions that you and the lenders need answered.
We need to verify everything in the application. The Pre Qualification or Pre Approval is not of any real value until documents are sent in for us to verify:
- Credit score
- Down payment and deposit availability
Once we have these documents we can then review your needs and wants, based on your true affordability. We’ll discuss your financing options and explain things like:
Amortization, mortgage types such as Fixed or Variable, Pre Payment options and (most importantly) talk about penalties with each type.
This important process requires patience and diligence but is well worth it once you start looking for that dream home! Let’s take the stress out of the approval up front!
Now that you are Pre Qualified, talk to your realtor (we’re happy to recommend one if you don’t have one). We’ll even provide your realtor with your Pre Qualification letter so they will know your exact price range and it will give them (and you) confidence that you are financially ready and able to buy and this will help with your negotiating!
Get an Accepted Offer and Final Approval from Lenders
This is where Jam Mortgages kicks into high gear. We now need to send in your purchase agreement and get an approval from one or more lenders. The good news is we have 95% of the documents needed for the lenders to approve your new home purchase. We are not chasing documents while you are reviewing strata minutes, getting your inspection done and making that final decision to remove subjects.
Remove subjects and prepare your deposit funds.
Your realtor will require a draft for the deposits to secure your new home.
The remaining down payment funds are not required until closing. However, please ensure that they are available at least 10 days prior to your closing date.
Preparing for closing.
- Lawyer or Notary
- Moving company or friends
- Banking and bill address change notification
- Get the cable, internet, and utilities appointments set
- Home owners insurance (we can help with that)
Set up an appointment with your Lawyer/ Notary for mortgage signing. They will let you know exactly how much down payment funds, legal fees etc. are needed for that day.
You’ll meet your Realtor at the new house and they’ll hand over the keys!
Stay in touch. We’ll make sure we connect often during and after you buy your new home to make sure all is well and your new mortgage was Sweet and Simple!