Getting a Mortgage

Looking to buy a home in Alberta? I'm here to guide you through the process. From securing a mortgage to finding your dream property, count on me as your dedicated realtor for a smooth and successful journey.

1. Preparation and Budgeting

  • Start by assessing your financial situation and determining how much you can afford to spend on a house. This involves considering your income, expenses, savings, and any other financial obligations you may have.

  • Work with your realtor (that's me!) to establish your housing needs, preferences, and budget constraints. This will help narrow down the search for suitable properties.

Person using a laptop to work on a financial budget spreadsheet, with a purple notebook on a wooden tray.

2. Get Pre-Approved for a Mortgage

  • Contact a mortgage broker or lender to get pre-approved for a mortgage. This involves submitting financial documents such as pay stubs, tax returns, and bank statements to prove your income and creditworthiness.

  • The lender will assess your financial information and provide you with a pre-approval letter stating the amount you are qualified to borrow.

Three-dimensional house made of $100 bills, with the roof partially open showing the inside.

3. House Hunting

  • With your pre-approval letter in hand, we'll begin the house hunting process. We'll search for properties that meet your criteria and arrange viewings for homes that interest you.

  • Once you find a house you love, we'll work together to make an offer to the seller. This offer will typically include the purchase price, any conditions (such as financing and home inspection), and the closing date.

Aerial view of a residential neighborhood with various houses, some with red tiled roofs, a swimming pool, sidewalks, and trees.

4. Applying for the Mortgage

  • After your offer is accepted by the seller, you'll need to formally apply for the mortgage with your chosen lender.

  • The lender will review your application and may request additional documentation or information.

  • They'll also conduct a property appraisal to determine its market value and ensure it meets their lending criteria.

Scrabble tiles spelling out the word 'MORTGAGE' on a wooden surface.

5. Underwriting and Approval

  • Once all the necessary documentation has been submitted, the lender will underwrite your mortgage application.

  • This involves verifying your financial information, assessing the property, and ensuring that you meet their lending guidelines.

  • If everything checks out, the lender will issue a mortgage commitment letter, indicating that your loan has been approved subject to certain conditions.

Two women are seated at a table, reviewing and writing on documents and papers.

6. Closing the Sale

  • With the mortgage approved, we'll proceed to finalize the sale. This involves completing any remaining conditions outlined in the offer, such as the home inspection.

  • We'll coordinate with your lawyer or notary to prepare the necessary legal documents and arrange for the transfer of funds.

  • On the closing day, you'll sign the mortgage documents, pay any closing costs and fees, and officially take possession of the property.

Two colleagues, a man and a woman, sharing a high five in a bright office. They are smiling and sitting at a table with a laptop, papers, and mugs. Office background includes a brick wall and windows.