Your Path to Home Ownership

1.PRE-APPROVAL (PRE-QUALIFICATION)

Your Axiom Mortgage Broker will be able to review your unique situation and speak to affordability. Once an application is taken, you will be provided with a maximum purchase price as well as your anticipated mortgage payment. Your Broker will also collect your approval paperwork (ie. income/down payment verification).

2.SHOPPING FOR A HOME

After you have your pre-approval amount, it's time to start shopping for a property. An experienced Realtor can help you find the perfect home. Ask your Mortgage Broker for a referral to a great realtor should you not yet have one.

3.MAKING AN OFFER

Once you've found your dream home, it's time to make an Offer to Purchase. Your offer will have conditions for financing and typically a home inspection. When the seller has accepted your offer, it is time to submit your application to a lender.

4.MORTGAGE APPROVAL

A mortgage approval is based on both the borrower and the property. Once the Lender reviews your application they will place "conditions" on the approval that you/your broker/realtor will work together to satisfy. This is often referred to as a Conditional Approval. Once these conditions are removed your mortgage is finalized and you will move to funding your mortgage with your lawyer (closing appointment).

** Be sure you keep your down payment intact and are not making changes to your employment, reducing your income, or taking on any additional debts while you wait for your mortgage to fund.

5.CLOSING/FUNDING YOUR MORTGAGE

Proof of Home (Fire) Insurance is a mandatory requirement to fund your mortgage. You will be required to show proof of insurance when you meet with your lawyer (aka closing appointment); be sure to get coverage in advance to avoid delays. Ask your insurance provider for a binder letter showing proof of this coverage. Tip: auto insurance providers typically offer discounts when bundling home/auto insurance.

Lawyer/Closing Appointment - approximately 10-14 days prior to your possession date you will meet with your lawyer to sign your mortgage documents/finalize your purchase. Your Mortgage Broker would be pleased to recommend a great lawyer should you require a referral.

6.POSSESSION DAY

CONGRATULATIONS! You are now a home owner :)

S O U R C E : A X I O M M O R T G A G E . C A