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First Time Home Buyers  The Home Buying Process
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Pre-approval
When you first decide you want to purchase a home, it is wise to get a pre-approved mortgage. The pre-approval will tell you how much of a mortgage you qualify for, ensuring you are looking at homes in your price range.
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House Hunting
Once you know your price range, your realtor will begin researching the available properties and will show you homes that fit your criteria.
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Offer In and Accepted
Once you've found the home you are interested in, you will make an offer, subject to financing. Your offer may also have other subjects, such as subject to a satisfactory home inspection or subject to review of the strata minutes. Once the offer is accepted, you will provide a copy of the purchase agreement to the mortgage broker.
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Lender, Insurer, Appraisal
Your mortgage broker will work with the lender, insurer, and appraiser to get you final approval on the financing. Your mortgage broker may ask you for further documentation at this time. You will want to collect the requested paperwork and submit it to your mortgage broker in a timely fashion.
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Firm Sale
Once you have met all your financing conditions, your mortgage broker will instruct you to remove the subject to financing. This is done with your realtor. You may remove other subjects at the same time, such as "subject to a satisfactory home inspection". Once all the conditions are off, you have a "firm sale". Instructions from the lender will be sent to the lawyer's office at that time.
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Moving Details
The lawyer is now receiving and preparing mortgage documents. You will want to use this time to start preparing for the move.
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Lawyer/Notary
The lawyer or notary will call you in to sign, usually about 3-4 days prior to the completion date. The completion date is the day that the money is given to the sellers and the property is transferred to your name.
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Move In
Usually your possession date will be the day after the completion date. This is the day that you receive keys and can move into your new home.
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First Mortgage Payment
Unlike with rent, you pay your mortgage at the end of the month. (If the purchase of your home was completed on June 1, and you chose monthly payments, you will not have a mortgage payment until July 1. If you chose weekly payments, the payments would come out at the end of every week.) You will receive the details of the mortgage repayment from your mortgage lender.
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