6 steps to buying your first home

Family purchasing home

Buying your first home is one of the most exciting times in your life – but it can also be one of the most overwhelming. Take the stress out of buying a home by following these 6 simple steps to homeownership.

Step 1: Assess your finances
Step 2: Pre-approval
Step 3: Offer to purchase
Step 4: Accepted!
Step 5: More paperwork
Step 6: Celebrate!

Step 1: Assess your finances

Before you jump into homeownership, you need a little money in your pocket first. Nowadays, most first-time homebuyers use a combination of personal savings, investments and money from family to fund their down payment.

How much do you need to save? It all depends on your budget and what you’re looking for in a home. Mortgage calculators are super handy tools to help you get a sense of what your mortgage payments could look like depending on the cost of the home and how much you’re able to put down.

Short on savings? Let’s build a financial plan to get you to your goal! Simply swing by one of our advice centres, give us a call or book an appointment online to get in touch with an advisor.

Step 2: Pre-approval 

Once you’re ready to start shopping, getting pre-approved for a mortgage is a great idea. Not only does it show you how much you qualify for, but it also speeds up the final approval processes once you’ve made an offer on a home.

Did you know you can start your pre-approval online? That’s right! Get a head start on the process by filling out a few questions online.

Shortly after, we’ll get in touch with you to finish your application, discuss your lending options and answer any questions you may have so you feel confident in the homebuying process.

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Step 3: Offer to purchase  

You’ve found the home of your dreams – now, it’s time to put down an offer!

When you’re ready, work with your realtor to prepare an offer and clear conditions – this will safeguard you in the event the seller doesn’t fulfill their commitments.

In the conditions of your offer, be sure to leave yourself enough time to:

  • Put down a portion of your down payment to secure your offer (you’ll get this back if the seller doesn’t meet the conditions of the offer)
  • Get a home inspection
  • Book in a property appraisal, if necessary
  • Feel confident in your decision

Step 4: Accepted!

Congratulations! You’ve just purchased your new home! This is an incredible milestone – one that accompanies a bunch of paperwork…

Up next, you’ll need to share the following with your mortgage specialist:

  • Offer to purchase
  • MLS listing
  • Removal of conditions
  • The name and contact information of the lawyer finalizing your purchase

Your realtor can help you with most of these. Your mortgage specialist will notify your realtor when your mortgage receives final approval.

Step 5: More paperwork

It’s time to make it official! Prior to your possession date, you’ll need to:

  • Sign your approved mortgage application
  • Meet with your lawyer to sign your legal paperwork and provide the remainder of your down payment
  • Line up adequate home insurance, listing your financial institution as the First Loss Payable

Step 6: Celebrate!

You probably won’t need help with this, but we’re here if you do! Now, all that’s left is getting the keys to your new place and moving in!

Ready to start your journey to homeownership? Let’s chat! Give us a call at 1.866.863.6237 or book an appointment online to meet with an advisor.

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