Homes In HRM - Mortgage Info

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Sheila Banser Phone: 902.830.8757 Fax: 902.455.6738 E-mail: sheilabanser@royallepage.ca	Mortgage Info The Mortgage Process What is a pre-approved mortgage? It's a written commitment from a lender that you will get a mortgage for a set amount at a set interest rate, locked in for 60-120 days, depending on the lender. The commitment is subject to a financial assessment and property appraisal. This service is always free and without obligation. Why do it? A pre-approved mortgage gives you an edge. Before you even start house hunting, you'll know how much you can afford, your interest rate, and your monthly payments. With your financing already mapped out, you can concentrate on finding the right home in your price range. A pre-approved mortgage shows you're a serious buyer. In a situation where several people are bidding on the home you want, you may decide to offer the list price and beat out earlier offers. From offer to closing When you find the home that's right for you, your next step is to make an offer to purchase the home from the current owner. The owner can accept your offer, make changes to the offer and present you with a counter-offer, or reject the offer. About the Offer to Purchase The Offer to Purchase is a legally binding agreement between you and the person selling the house. It's a good idea to have your lawyer review it with you before it is presented to the seller. It includes: Your name The seller's name The address or legal description of the property The price you are prepared to pay for the home The items you expect to be included in the purchase price The amount of your cash deposit Your financing arrangements The closing date Specific terms or conditions that must be met as part of the purchase A time limit for meeting these conditions Discuss the Offer to Purchase with your lawyer before you sign it. Remember, it becomes a legally binding agreement the moment it is accepted. If you decide to cancel an offer that has already been accepted, you could lose your deposit and the person selling the home could sue you for damages. If the seller does not accept your offer, your deposit will be returned. Closing the purchase Closing day is the day you become the official owner of your home. However, the closing process usually takes a few days. Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.	Discuss mortgages with our Mortgage Professional Partners! David & Susan Skinner - Mortgage Brokers

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