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First Time Home Buyer

First Time Home Buyers

Purchasing Your First Home is a very important decision and your home mortgage is the single most important financial decision that you will ever make.


Simplifying the process is what I do best. I explain all of your options and provide you with a pre-approval certficate and rate lock in. oac.



 

Home Buying Guide
Step-by-step


STEP 1

 

Choose your Mortgage - Discuss your options with Rachelle.


We have...
1. $0 Down Payment *Discontinued as of June 30,2015
2. Cash Back Mortgages- Up to 5% Cash Back

3. 5-20% or more down. *you will need to pay a CMHC insurance premium if you put less than 20% down.



STEP 2

Rachelle will lock in your interest rate and provide you with a pre-approval ( rate lock-ins for up to 120 days)




STEP 3


Choose a Realtor


Rachelle will set you up with one of her trusted partner, Realtors. The Real Estate Agent will assist in finding the home right for you and explain the process. This service is free of charge.



STEP 4

 

Fax or email all your documents to Rachelle. This is very important to get them in as soon as possible so there wont be delays in your mortgage being processed.

*Accepted purchase and sale agreement
*Realtor MLS
*Proof of down payment (3 months bank statements/Gift letter with deposit slip/RRSP)
*Proof of closing costs (1.5% of purchase price)
*Employment Letter(s)
*Recent Pay Stub(s)
*If Self-employed - (T1-generals/Tax assessments/Business license)
*Other documents may be required in addition if requested by the lender




STEP 5

Rachelle will submit your application for approval to the Bank or lender that is offering the best rate/terms based on your unique cirsumtances.

An Approval is obtained generally within 24-48 Hours in most cases.



STEP 6

Sign your Mortgage Contract with Rachelle.

As soon as I receive your approval, I will contact you to set up an appointment or email the mortgage commitment, disclosure and other documents to you for your review and signatures. You can choose your payment frequency and make other adjustments. Any additional documents that the lender requires will be contained in the mortgage commitment and must be provided within 10 days prior to closing.


 

STEP 7

CLOSING (COMPLETION DATE)


A few days prior to closing you will need to meet with your lawyer to sign final documents. Your closing costs and down payment will be due at this time.



STEP 8

Congratulations, YOU ARE NOW A HOME OWNER!


Please give Rachelle a warm and glowing review if you are happy with her service.

 




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