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Navigating the Home Buying Process: A 6-Step Guide

online mortgage services vancouver
online mortgage services vancouver

6 Steps in the Home Buying Process

Home buying experience, especially if it’s first time can be quite overwhelming. It is both exciting and challenging at the same time. But there are a couple of questions that need to be answered and considered before taking the plunge, like – which is the best property for you, which are the possible scams that you need to beware of and therefore avoid, what are the steps you need to take?

Surely, it takes lot of time and effort. To make your home buying experience more manageable and easier, we, at Ratefair break down six steps that you can use as a guide to your home buying process:

1. Get a pre-approval

Of course this does not apply to you if you are paying cash for your property. But if you are thinking about getting financed, this step is a must. Get pre-approved by a bank or a mortgage broker. This not only allows you to know what kind of a home you are qualified for, but also get prepared then with what you need to do. Besides, most real estate companies will not even consider you as a buyer if this per-requisite hasn’t been met.

So, get in touch with your mortgage professional and take their help in finding the right type of mortgage best suited for your needs, the documents that you need to provide, so on and so forth.

2. Find the right property

This may not be as easy as you thought it would be! Finding the right property that suits your needs, finances and choosing a good locality may be a tedious task. You may need to start your research early – check websites, call the local police station, visit the local supermarket, or talk to the local as you will get an incredible amount of information from them.

The best course of action would be to get in touch with the mortgage lender of  your choice and let them guide you by showing you some of the best properties around. With their experience in the industry and exposure, they will be able to suggest some best choices which will also have pre-checks done by them. This makes your job easier,

Once you zero in on a property of your choice, you can go ahead and make your offer. Based on that will be the next step.

3. Submit the mortgage application

Once you’ve made the offer and it is accepted, and also you’ve considered your payment comfort, you can go ahead and submit your mortgage application along with the set of required documents to your mortgage lender. In the process that follows, you will ideally get a reply in the form a commitment from your mortgage broker. This will also be accompanied with more documents, if necessary, that need to be evaluated before going ahead with the process. Make sure all the required information is furnished so that the next steps get easier and hassle-free.

Also, to be doubly sure, make a final run through, checking on anything that you may have missed earlier. Once you are done, go for the next step which is –

4. Fulfilling all your conditions

Now is the time to see that all the conditions that you made in the offer are fulfilled – most likely two offers – financing and home inspection. The first aspect of financing will be dealt with by your mortgage broker. They will ideally come up with a plan according to your payment comfort level, so you need to share all the details accordingly.

As for the home inspection, it will be arranged by the realtor. Make sure that your home inspection is pre-booked well ahead of time, i.e., within the condition period as it requires time for the financing process to fulfill all of these. Once all of your conditions are met, these can then be removed from the conditions list post which the property is ready for sale. You may then go ahead and buy the same.

Make sure to get the guidance of your mortgage broker and realtor before removing the conditions and taking the final call.

5. Meet with your lawyer

This is an important step when your mortgage broker will get in touch with your lawyer upon your go ahead and ask them to prepare all the necessary documents. The ideal situation would be – setting up an appointment with them and getting things finalized, getting your IDs and advice on when you need to make your down payment and other things that they may need or as considered important by them.

6. Wait for that possession date

You are finally done with the entire process and worked your way up to the most important part of it all – wait for the possession date of the property of your choice and move into your new home!

Get in touch with the right professionals in the industry to help you through your home buying process. When it comes to investments in real estate, it is always helpful to get the correct recommendations by the experienced as any small error of judgment could cost you a heavy price! We, at Ratefair have a team of brilliant professionals who can help you with all the steps and make your home buying journey, extremely easy.

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