The Mortgage Process For First Time Home Buyers – Edmonton

General Sunny Vig 5 Feb

Getting a mortgage can seem like an intimidating task, especially with all the new rules, interest rates, and lender choices. Rest assured, with the proper research, facts, and a solid real estate team, it is quite an enjoyable process.  I have outlined the typical steps involved in buying a home below;


  • Initial Home Financing Consultation
    • This initial consultation will provide you with a good idea of what you can afford based on your income, down payment, and liabilities. At this consultation, one of our mortgage professionals will “pre-qualify” you based on the information you provide. You will also be given a list of documents to collect and gather based on your unique situation.


  • Searching for, and viewing the “ideal home”
    • Based on the information you receive at the initial consultation, you are now able to search for homes based on your budget, affordability, and criteria. We can pair you up with a great real estate professional if you choose.


  • Prepare and negotiate a written offer with you licensed realtor
    • Once you have found a home that you love, it’s time to prepare the written offer with your realtor. This offer may include conditions such as “financing” and “inspection”. You will also have to put down an initial deposit at this stage. It is recommended that you allow a minimum of 10 days for financing.


  • Obtaining a “Hard Approval” and fulfilling all lender conditions
    • Once your offer has been accepted, it’s now time to work with your mortgage specialist to get your financing approved, and all lender conditions fulfilled. At this stage, you will be asked to provide documents as requested by the lender. You will be asked to come in and sign the “mortgage Commitment” and the final paperwork required to complete your file.


  • Condition removal
    • Once you have been cleared to remove the “condition of financing”, and you are satisfied with the integrity of your home (a home inspection is always recommended), it is time to do just that, remove the conditions. At this point it’s probably a good idea to start packing and looking for a good mover!


  • Meeting with a real estate lawyer
    • In most cases, you will need to hire a lawyer. When all the conditions in the purchase agreement have been met, and the offer becomes firm, your lawyer will do the work required for the transaction to close as set out in the agreement. Before the closing date, your lawyer will meet with you to sign the documents required for closing.


  • Possession day
    • Your realtor will arrange to meet with you at your new home on closing day, and make all the necessary key arrangements. You will typically receive the keys to your new home around noon.


Let my award winning mortgage team guide you through these steps. Give us a call at 780-466-9898 to get started!

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