How do I get pre-approved?

  • The first thing we do is have a quick chat on the phone, you can book this call by going to the get in touch page and you can book a time that works best for you.

    During this first call we’ll talk about your goals, be it for this purchase and any future purchases you may expect to have.

    We will then have a conversation about your employment and how much you earn, how much you have saved for a down payment and where it has come from. These are important factors that affect your ability to buy a home. I will of course answer any questions that you may have.

    After we have finished the call you will receive an email where you can fill out an online mortgage application.

  • When you receive the email you will have the steps explained to you and some important things to know.

    You'll click on the "apply now" link and this will take you to our secure online application portal that allows you to fill out all your personal information including where you currently live, employment details as well as any liabilities and assets you have.

    Once you have filled out the information, you can upload your employment documents to verify your income, again this is secure so these documents are safe!

    When you have finished the application and submitted everything we get an email to let us know, and we'll start reviewing as soon as possible.

  • Now that we have your completed application, we thoroughly review what you have submitted along with analysing your credit report.

    We then calculate the maximum amount you are pre-approved for based on your income, any debts you have, your down payment and a stress tested mortgage payment using the Bank of Canada’s bench mark interest rate, which is the higher of 5.25% or 2% above the contract rate (which is the rate you are going to get).

    It’s really that easy.

  • Once we know the maximum amount you are pre-approved for we will set up a time to chat over the phone again and go over your pre-approval.

    We can even include your realtor so they know how much you qualify for. If you don’t have one we work with some of the best realtors in Calgary I would happily introduce you to someone.

What happens when I have purchased a property?

  • Once you have an offer accepted, we send out a "Welcome To Your Mortgage Journey" email, this outlines all the next steps and introduces you to Gina, who is our other unlicensed assistant. Gina is there to gather all your documents and be there to liaise between you and the lender with everything they need.

    Gina will send you a list of any new documents we need, this will likely be a new pay stub, void cheque and all your bank statements to confirm your down payment.

    While you are gathering the documents, you and I will have a discussion to confirm rate, this means fixed versus variable, and then term. We will of course pre-shop around for the best rates, along with the best terms and conditions... not all mortgages are created equal!

    Once we have all the documents, and we need them up front, we will submit your file to the lender your mortgage is going to be with.

  • Depending on the lender, it will likely take them about two to three days to review your file. Some review quicker, and then have a document specialist who reviews the documents a day or so later, some do all of it up front.

  • When they approve your file, they will issue a commitment letter. This is a conditional approval, that has all the details of your new mortgage, along with any remaining conditions that they have. This will likely be a gift letter, or an appraisal, they may come back and ask about your employment or down payment. Note that part of the reason for getting everything up front is so that we are not rushing for these documents at the last minute.

    I will send you a video of this letter, about 10 minutes long, which will go over the important details so you know what you are signing. And then Gina will send you the form to sign, along with figuring out any more documents that they need.

    We aim to have all this complete within your financing condition period so there isn't anything outstanding when you waive your financing condition.

  • After you waive your financing condition, there are a few important things you need to know:

    • We will make sure your mortgage is "instructed", which is when the lender sends all the mortgage details to your solicitor

    • You will need to arrange home insurance

    • You will need to set up your property taxes, I recommend using the TIPPs program with your municipality

    • You will need to start packing, and do this early, trust me!

    In the lead up to your closing day, we keep a constant eye on your file, we make sure we lower your rate if rates drop, and we make sure everything is signed off with the lender so that closing day runs smoothly.

  • An that is it, you have closed on your new home, and by about noon on that day you will get the keys to the property.

    We'll give you a call in the afternoon, and then we will keep in touch with you over the next few months to make sure you are settled and everything is ok with your mortgage.

some things to consider when you buy a house

mortgage insurance

Mortgage default insurance, commonly referred to as “mortgage insurance” helps Canadian consumers buy a home sooner and with down payment of less than 20%. In fact, for qualified borrowers a home can be purchased with as little as five per cent down. Mortgage insurance protects the lender and investor – not the homeowner – from losses related to borrower default and foreclosure. Many Canadians are familiar with CMHC – Canada Mortgage and Housing Corporation but there are actually two other mortgage insurers in Canada – Sagen and Canada Guaranty.

title insurance

Title insurance is an insurance policy that protects you, the homeowner, against title fraud and challenges to the ownership of your home.

home insurance

Lenders required homeowners to maintain home insurance at all time. At the time of home purchase the law office must verify that there is a home insurance policy in place on the new property. This verification is called an “insurance binder” and details the type of coverage and the property covered.

legal fees

Home buyers are required to retain a lawyer to act for you in the purchase and mortgaging of a property. We can provide a referral to a highly respected real estate lawyer.

property taxes

Property taxes are determined by the city or municipality the property is in. Taxes are evaluated and set annually. In the city of Calgary property tax assessments are provided in January of each year. Taxes can be paid annually or monthly. There can be a property tax adjustment may be required when you purchase home depending on the time of year. The most common type of adjustment occurs when the sellers of the home have paid property taxes ahead of time and the amounts must be settled.

moving costs

Plan ahead for any moving costs – boxes, cleaning charges for your current property or new property, moving vans etc.