Steps to buying your home

Don’t worry, steps to buying a home may be easier than you think.

Buying your first home is one of the most exciting times in your life, but it can also be one of the most overwhelming. The steps outlined here will give you a good idea of what’s ahead on the path to buying your first home.

Step 1: Pre-approval 

We’ll sit down with you, go over your finances and tell you how much we can lend you to purchase your home. Pre-approval shows you how much you can qualify for, and it speeds up the final approval process once you make an offer on your new home.

Step 2: Offer to purchase  

You’ve found the home of your dreams and now it’s time to put down an offer! Now, you’ll need to let your Affinity mortgage specialist know, then put down a deposit with the offer, and finally you’ll need to allow enough time in your conditions so we can approve your mortgage before you take possession. The deposit shows you’re serious about the offer, and will go towards the purchase of your home once the deal is done. If the deal falls through, in most cases you’ll get the deposit back.

Step 3: Accepted!  

Congrats! You’ve got a new home. This exhilarating moment is followed by a bunch of paperwork.

  • We’ll need the completed Offer to Purchase and the MLS listing. Your realtor can help with this.
  • If needed, we’ll do an appraisal of the home once the other conditions on the sale are complete.
  • We’ll notify your realtor when your mortgage gets final approval.
  • We’ll need a copy of the Removal of Conditions. Your realtor can help with this too.
  • We’ll need your lawyer’s name and contact information so we know where to send the documents to finish up the deal.

Step 4: More paperwork   

Time to make it official!

  • You’ll need to sign your approved mortgage application.
  • You’ll meet with your lawyer and sign all of the legal paperwork.
  • You’ll need to get adequate fire insurance, and list Affinity Credit Union as the First Loss Payable.

Step 5: Celebrate!  

You probably won’t need our help with this, but we’re here if you do.

Get started down the path to a mortgage and a new home – call our Contact Centre today at 1.866.863.6237.