Say hi to Joe and Nina they have their down payment, and now they’re ready to buy a home. Congratulations, you two! Buying a home is a big step, and that’s why they have a ten-point plan to buy smart. 

Step 1: Work with a professional mortgage broker or agent

To get expert advice and access to hundreds of mortgage options.

Step 2: Get a mortgage per-approval

Their broker will help them determine their purchasing power to know how much house they can afford. 

Step 3: Work with an experienced realtor

With the help of an experienced Realtor, they’ll shop around and find their dream home. Joe and Nina are now ready to put an offer on the beautiful home they found. They’ll provide a deposit which becomes part of their down payment. 

Step 4: Make an offer to purchase

The offer will be subject to financing, allowing enough time for their broker to finalize their mortgage, 

Step 5: Gather documents to support mortgage request

They’ll gather the documents that will go with their application to the lender. 

Step 6: Get the mortgage Approval.

The lender may request an appraisal of the home soon after you’ll get a commitment from the lender with their mortgage details and any conditions they need to meet.

Once all conditions are satisfied and their mortgage is approved, they can waive their financing condition. Their broker reminds them not to make any significant changes to their income or debts before getting possession of their home. Joe and Nina will then find a mortgage commitment and provide any outstanding documents, which they can do by fax or email if they’re busy.  

Step 7: Get a lawyer and meet to finalize everything

Then it’s time to turn the process over to the lawyer, their mortgage broker recommended. Approximately a week before the house becomes theirs, Joe and Nina will meet with their lawyer to provide identification and a bank draft for the remaining down payment and to sign and review all documents. 

Step 8: Arrange home insurance in the new house

They’ll also need to get home insurance in place; it’s required by their lender.

Step 9: Take possession on closing day

It’s the big day; the lawyer looks after the exchange of funds, then the keys are given to Joe and Nina, who take possession of their new home.

Step 10: Stay in touch with your mortgage broker

Joe and Nina plan to stay in touch with their mortgage broker so they can get tips on how to manage their mortgage to save money. In fact, they have a few friends who are sent over to meet their mortgage broker; because friends help friends buy smart. 

If you’re thinking about buying a home get Saif Abdulah working for you