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| 1) PRE-APPROVAL: |
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It is best to be pre-approved
for mortgage financing before you
enter into a contract. By doing so you will not only know
exactly how much you can afford to spend, but also have a
guaranteed interest rate for 60-90 days so that you won't have
any surprises.
To be pre-approved, call a Mortgage Development Manager,
like Debbie Lee (VanCity - 604-802-0006), and they'll take
an application. They will ask you about you assests and
liabilities, income and other personal information. You will
also
be required to provide income verification, usually a job letter
and pay stub with year to date figure or T4 slip. You will also
have to provide confirmation of down payment. This can be
done by a bank statement showing the source of down
payment ie: chequing account, savings account, term deposit
or
stocks. Once this is done, you are ready to find the house you
want and then: |
| 2) PUT IN
YOUR OFFER ON THE PROPERTY: |
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Generally speaking your
Realtor will decide with you a realistic
price to obtain the property. You will write up a contract with
the Realtor and the Realtor will then present the offer to the
vendor agent. The bidding the starts and the vendor might
choose to counter offer. Your Realtor will help you through
this process, helping you get the home you want for the price
you are prepared to pay. |
| 3) OFFER
IS ACCEPTED: |
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Once the offer is accepted,
your Realtor will fax your
Mortgage Development Mangaer a copy of the accepted
offer. They will review it to make sure that the price falls
within
the pre-approved amount. Then they'll order the appraisal. |
| 4) HOUSE
INSPECTION IS ORDERED: |
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When purchasing with
Richard Friesen, your property
inspection is provided for you through professional home
inspectors. This is an important protection for the buyers.
The last thing you need on your new home purchase
is a "surprise". |
| 5) APPRAISAL
IS ORDERED: |
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Your Mortgage Development
Manager will order an appraisal
(also called a mortgage evaluation) There is no charge to the
clients of Debbie Lee for this service. This is done to ensure
that the purchase price is fair and that the property is of
good
quality. It is also advisable to get a private building inspection
performed because it is a much more thorough inspection of
the structure of the building. |
| 6) REMOVE
SUBJECTS ON CONTRACT: |
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This makes your contract
firm and binding. You will be asked
to increase your deposit. (usually to 5,000.00 - $10,000.00) |
| 7) MORTGAGE
DETAILS FINALIZED: |
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Your Mortgage Development
Manager will confirm with you
the final details of the mortgage. ie: length of term, open
or
fixed, payment frequency etc. We'll discuss which branch
your mortgage will be placed with and an appointment will
be booked for you to open your account and sign your
mortgage commitment letter. The VanCity branch, or other
financial institution will then instruct the lawyer of you wishes. |
| 8) LAWYERS
OFFICE: |
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The lawyers will then
prepare the mortgage documents as to
your choices. They will ensure that the title fo the property
is ready to be transferred to you name. Approximately one
week prior to the closing date you will go to the lawyers
office with the remainder of the down payment and the cost
of the lawyers fees. The lawyer will advise you of the actual
cost prior to your appointment. The lawyer arrange for the
money to change hands to the vendors lawyer and then the
title of the property is changed into your name. |
CONGRATULATIONS! You are now a homeowner !!
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"We had our townhome previously listed with another
agent. The result was, we had no showings and no
sale. Richard & Connie Friesen listed our townhouse
for almost $9,000 higher than the previous listing,
had over 20 showings and sold it at almost full price.
The difference, in my opinion, was the exemplary service
provided by the Friesen." -D. Chambers & T. Chenier |
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