Funding Your Home Purchase
1. Financial pre-qualification or pre-approval
Application and interview
Buyer provides pertinent documentation, including verification of employment
Credit report is requested
Appraisal scheduled for current home owned, if any
2. Go house hunting
Look at houses on the market
Find a home you love
Submit an offer
Negotiate the offer
Come to mutual agreement
Your Realtor submits to your loan officer signed around contract
3. Underwriting
Loan package is submitted to underwriter for conditional approval
Underwriting conditions for documentation
Loan resubmitted for final approval
4. Loan approval
Parties are notified of approval
Loan documents are completed and sent to title
5. Title company
Title exam, insurance and title survey conducted
Borrowers come in for final signatures
6. Funding
Lender reviews the loan package
Funds are transferred by wire
Title requests recording numbers from the county
YOU GET KEYS!
Why pre-qualify?
We recommend our buyers get pre-qualified before beginning their home search. This way, you know exactly how much you can comfortably spend on a home and how much loan you qualify for.
I would be happy to refer you to some very good mortgage contacts I have in Vancouver, or to help you in any other way I can to secure the best possible rate for your home purchase.
Use the mortgage calculators below to assist you in making some decisions around financing your new home.
Mortgage Payment Calculator & Amortization Table
This calculator will help you determine what your mortgage payments will be based on purchase price, interest rate and mortgage term, as well as other factors. The amortization table shows what the interest and principal payments will be over the term of the mortgage.
Mortgage Calculator
