Buying a home is a major undertaking that you’ll look back on for the rest of your life. There will be many decisions for you to make while you’re going through the various steps, reviewing potential financing solutions and dealing with administrative requirements. To make sure the process runs smoothly and you can start enjoying your new home as soon as possible, follow these simple ground rules for the first meeting with your advisor.
Set aside some time to prepare the meeting with your advisor and then allow sufficient time for the meeting itself. Arrive on time and don’t schedule anything right after the appointment so you won’t have to rush through the meeting and you’ll be free to ask all the questions you may have
Don’t be shy! You’ll be expected to talk about various areas of your life. Budget, income, financial issues, and short, medium and long-term goals: it’s all relevant! The aim isn’t to judge your past or future but to see exactly how you can get where you want to go in life.
At your first meeting, the advisor will help you determine the mortgage solution best suited to your budget, risk tolerance and financial commitments. Our Customized Mortgage Plan is a convenient tool that your advisor will use to analyze your mortgage financing needs and identify the solution that fits you right.It’s a good idea to start thinking about your needs and finances before the meeting. Determine which financial goals are your priorities. If you and your spouse are both involved in the homebuying project, do this step together.
Track down all the documents you’ll need in order to get your financing approved. You can’t skip this step so don’t wait until the last minute! Be ready in advance.
A low credit rating could prevent you from being approved for a mortgage. Make sure you maintain a good credit score by paying your bills in full and on time, by not applying for new credit cards or loans and by not exceeding your credit card limits. Paying off outstanding balances can also help.
If possible, request mortgage pre-approval so you can have a clearer idea of how much financing you’ll have access to. That will show you what you can expect your mortgage payments to be, including principal and interest. At the same time, ask for an interest rate guarantee to guard against higher rates!
After you’ve provided all the necessary documents and information, you advisor will calculate the maximum amount you’re eligible for.Then when you’ve found your new home and your purchase offer has been accepted, the lender will have the property assessed. Those steps have tomust be completed before your mortgage financing can be finalized. The lawyer or notary assigned to the transaction will subsequently register the property in your name and have you sign the documents to make you the official owner.At any stage in this process, don’t hesitate to get in touch with your advisor to ask questions.