First Home Buyers

The Buying Process

Step 1	Contact Your Broker -Get pre-approved and hold a rate
Step 2	Provide Documents -Please see documents required list
Step 3	Build a Buying Team -Hire a Realtor, Notary/ Lawyer and Home Inspector -See our trusted partners
Step 4	Start Shopping for a Home -Give your Realtor details of what your looking for -Obtain an accepted offer
Step 5	Removing Subjects -Financing (approval of documents) -Schedule home inspection -Read strata minutes
Step 6	Sign Documents -Instructions sent by Lender to Notary/Lawyer -Meet with Notary/Lawyer to sign documents
Step 7	Prepare for Move -Hire moving company or truck -Rent reusable moving totes
Step 8	Enjoy your First Home -Congratulations on your first home purchase

Documentation Required

Employees	Self Employed
•  Job Letter	•  2 Years NOA's (Notice of Assessment)
•  2 Most Recent Pay Stubs	•  2 Years T1 Generals
•  2 Years NOA's (Notice of Assessment)	•  Business License
•  3 Months Bank Statements (showing down payment)	•  Letter of Incorporation (if applicable)
•  Mortgage Statement (if other property is owned)	•  3 Months Bank Statements (showing down payment)
	•  Mortgage Statement (if other property is owned)

Should you get a pre-approved mortgage?

Definitely. Obtaining a mortgage pre-approval is an important initial step in securing a mortgage to buy a home. The lenders will analyze your current income, debt situation and credit history in order to qualify you for a maximum loan amount. This will give you a clear picture of your financial parameters and an idea of your purchase price range.  More importantly, with a pre-approval, we can hold your interest rate for upto 120 days.  So, if rates go up from now until you buy a property, you are protected.

What is the minimum amount of money needed to buy real estate ?

In most situations, you only require 5% of the purchase price as your down payment. In some instances, you may qualify to purchase a home with no money down!  We are committed to providing our customers with the creative resources in order to obtain the financing they desire.  


How can a Cash back Mortgage assist a first time homebuyer?

Institutions have developed a product called the "Cash back Mortgage" so a buyer with the down payment but no cash to cover closing costs can still purchase a home. As long as you have the minimum down payment required, institutions are now giving you a cash reward to assist you in paying for your closing costs. You can also use this money to purchase furniture or appliances.