Step 1 

 Complete a prequalification

Work with your Mortgage Brokers Ottawa Agent to complete a prequalification.  Obtaining a prequalification will allow you to be the most prepared for your home buying experience.

Step 2

 Home search

Once you receive your pre-approved mortgage amount, work with a Real Estate Agent to find the best home for you within your price range.

Step 3

Make an offer  

When you find the home you are interested in, your Real Estate Agent will provide you with the expertise and information you need to make the right offer and protect you from any potential risks or concerns through this process.  Together with your Real Estate Agent you will determine the best conditions to include in the offer; we highly recommend that this includes a financing condition; your Real Estate Agent will likely recommend additional conditions such as a home inspection and other items depending on the property itself.  At this point you will likely be asked to provide a deposit with your accepted offer.

Step 4

Get approved for your mortgage

Once you and the vendor have come to a conditional agreement, you will likely have a certain number of days to waive a financing condition.  For an approval we will require a copy of the accepted offer as well as the MLS listing of the property. While you are already pre-approved, it is important that you get a committed approval from a lender to ensure that both YOU and the PROPERTY are approved for financing.  This process may require an appraisal to be completed on the property, your Mortgage Agent will inform you of this based on the approval.

Step 5

Waive your conditions to make the offer a “firm offer”

After you have satisfied all of your conditions including the financing condition, you will work with your Real Estate Agent to determine if you are going to waive your conditions and finalize the sale.

Step 6

Sign your mortgage documents

Depending on the length of time of your financing condition, you may sign the mortgage documents before or after you waive your conditions.  This is something you will discuss with your Mortgage Brokers Ottawa Agent during the approval process.

Step 7

Wait

This is the hardest part!  After a flurry of activity in finding the right home, the waiting period from the time you confirm your purchase until the time you move in can seem like a long time.  For the mortgage, your work is usually complete at this point.  Your Mortgage Brokers Ottawa Agent may be following up with you on documentation required to complete the file with the lender.

Step 8

Arrange your home insurance

The mortgage lender will require that you have home insurance on your property, and your lawyer will need to show proof of that to the lender as part of the requirements.

Step 9

Meet with your lawyer

Your lawyer will usually arrange for you to come to his or her office 2 or 3 days before the close date of your home purchase.  Your lawyer will provide you with the amount of the cheque that you will need to bring which will be payable to your lawyer in trust.  Please see the upfront costs table in this guide for more on the costs you should expect at time of closing.