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Nov 15

You are pre-approved! What are the next steps?

  • November 15, 2018
  • Julie Jeffery

Congratulations! You are pre-approved.

Congratulations! You are formally pre-approved. A pre-approval means that our team has reviewed your mortgage pre-approval application details including including your income, credit scores, debts, savings, and your goals around home ownership.

We want you to feel prepared for all of the next steps. This simple outline explains what is next and what to expect as you embark on your home buying journey!

Our team has provided a mortgage pre-approval so you know the maximum purchase price, a range of the possible down payment amounts, and the approximate monthly mortgage payment. Don’t forget to factor in property taxes and utility costs in your personal budget. Mortgage pre-approvals are based on the exact details provided, if there are any changes to employment, your debts (you plan to purchase a new car) or your down payment amount please let us know. It is best to refrain from any major changes until after you have the keys to your new home! But if something must change, please let us know and we can update your mortgage pre-approval as needed.

Another benefit to pre-approval is that, when it comes time to purchase, pre-approval lets the seller know that securing financing should not be an issue. This is extremely beneficial in competitive markets where lots of offers may be coming in.

Teamwork is important. Let your realtor know you are pre-approved.

In today’s competitive real estate market, a skilled, professional and knowledgeable realtor is key to a successful home search. Your realtor may have been cced on your mortgage pre-approval email. If they were not, please forward our email on. Your realtor will set up an online search for homes based on many parameters including the area, type of home, listing price, and number of bedrooms and bathrooms. Keep your search fairly broad, if possible, this allows you to view lots of home and compare!  You want to find the one you love! A realtor is an expert in the home buying process. They will guide you through viewing homes you are interested in, writing an offer to purchase, deciding on an offer price and any conditions, choosing the possession date, and setting up a home inspection or condo document review if required.

Once you have found the home that meets your needs, your realtor will help you put in an offer that will be accepted or countered. This may go back and forth until you reach an acceptable price and conditions with the seller. Once you have an accepted offer to purchase, please forward that offer and the MLS listing on to our team or have your realtor do so.

Your offer has been accepted. What’s next?

Once your offer is accepted we will get work on the mortgage approval and will obtain a mortgage commitment from your lender of choice.

So please let us know – forward on the offer to purchase or have your realtor connect with us directly.  We will be providing email updates at multiple stages in the process. Our focus is on guiding our clients through the process with ease.

Our client care manager will provide a list of any remaining documents relating to income and down payment. These type of documents stale date, this means they must be dated within the last 30 days for income documents or the last three months for down payment documents. We aren’t able to collect all of the items we need at the pre-approval stage, so we may collect these items a second time when you have an accepted offer. A required document list will be provided to you via email and you can upload those documents securely.

We will review the offer and MLS listing, prepare the mortgage application, provide you with a list of our top lender and interest rates options and book a phone meeting to review all of the options and make a decision together. During this call we can answer any questions you have. We then submit the mortgage application to your lender. The lender provides a mortgage approval in a document called a mortgage commitment. This document details the total mortgage amount, interest rate, fine print, possession date and any conditions of the mortgage approval. We will review this document together. There are times that lenders require an appraisal as a condition of the mortgage approval. This is fairly standard. We cover the cost of all appraisals and will arrange for the appraiser to access the home.

When all of the conditions of the mortgage commitment have been met we will advise that you are in position to release your financing condition (if there is a condition). We complete the application, have your digitally sign the required documents, the lender prepares the mortgage and land titles documents and forwards the documents to your lawyer. Yes, you do need a real estate lawyer. We have a short list of real estate lawyers we refer to and can provide their contact details. Your realtor may also provide a list of their preferred real estate lawyers. This is not the time to work with a lawyer who is a friend or family member unless they are a real estate expert!

At this point, your mortgage approval is in place, all condition have been met and you are ready to celebrate your home purchase!

Meeting with a real estate lawyer.

Your real estate lawyer plays many roles in the home buying process. In the two weeks prior to your possession date, you will meet with your real estate lawyer. Lawyers act as the “bank” in a sense during this phase, by managing the deposit you made with your offer, your down payment funds, and by moving funds from lenders to other lawyers and then onto home sellers. Lawyers prepare the lender mortgage documents and the provincial land titles documents. Prepare for a meeting that is approximately one hour long and there will be lots of documents to sign. The law office will prepare you for this meeting by providing an outline of the funds required (down payment minus your original deposit), the type of ID you must provide, and the type of documents to sign. We will also provide you with a FYI email before the meeting with the lawyer so that you feel prepared.

Time to move in, your possession or closing date is here.

On your possession date, your lender will advance the mortgage funds to the law office. Your lawyer will move those funds to the law office of the home seller and you will receive the keys to your new home from your realtor. The “keys release” generally occurs in the afternoon on the possession date. Once those keys are hand, you are celebrating and moving and unpacking! Now the fun begins and you are ready to setup your new home!

Our follow-up and support after your move in.

We will continue to provide advice and support even after you move into the new home. We ensure that the payments are set up correctly (on the date your prefer and the schedule you prefer) and that you have online access to your mortgage details via a lender portal. We also continue to answer any questions you have. Our team stays in touch with an annual check-in on your mortgage anniversary and if anything changes or if you plan to sell the home or buy a different home in the future we are here to help!

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    DLC Elevation Mortgage
    🚨PSA: Stay calm and carry on if you have a vari 🚨PSA: Stay calm and carry on if you have a variable rate mortgage! ▫️

We know…. Change can feel stressful. The Bank of Canada announced a Prime rate increase of .25% this morning. The increase was expected. ▫️

If you have a variable mortgage, that we set up at DLC Elevation Mortgage you planned for this. 💯💸☺️ We think you made a good decision. This continues to be a good decision. We are big fans of variable rates. ▫️

You have a really low interest rate and if you break your mortgage (need to sell due to life, relationship, health, employment circumstances), you have a very, very low mortgage breakage penalty compared to very a high fixed rate breakage penalty. ▫️

You know our variable rate hack. ▫️

More on that below! 🎉👏🏻You are incredibly confident in your interest rate decision. You fully understand that variable rate will slowly increase over time. You also fully understand that compared to the best five year fixed rates in the market at the time of obtaining the mortgage you are paying, in many cases, half the interest costs compared to fixed rates. ▫️

Now for the hack! ☺️ You are already paying your mortgage payment (and adding an additional payment to principle) to match what the fixed rate payment of the day was be aside that rate was far higher, so was the payment. Maybe that’s $100 a month, maybe that’s $250 a month. This amount depends on the size of your mortgage. 😎 You are taking action and are ready for rate increases because you already pay more than needed! You are proactively engaging in peace mind, while obtaining a great rate! ▫️

We have a plan for every client we work with. 📊🤓 You know the plan! Carry on! ▫️

If you do not have a plan or do not have someone who is proactively planning for you - you know who to call. ☎️ 

Julie  403-828-4832 📲
Andy 403-828-8832 📲

#yyc #yycrealestate #yycre #yycmortgages #yycmortgagebroker #yycmortgage #yycinterestrates #boc #prime
    Our clients are asking us this question every day Our clients are asking us this question every day - should we hold steady in our variable rate mortgage or moved the rate to a fixed rate? 💸 

With the current spread between the two sets of rates, variable rates being at least 1.5% lower than five year fixed rates, our answer is to hold steady! ☺️
That spread allows for six movements up in the Prime interest rate before any of us will have a rate as high as today’s current five year fixed rates. 📊

The possibility of life, relationship, health or employment changes mean most of us are far “safer” in a variable rate. Remember those pesky mid-term breakage costs (penalties), are way, way lower with a variable rate. 🤗

If you plan to move inside of your five year mortgage term (sell and buy or just sell) you need a variable rate!🏡 Consider all the options, reach out for advice, and let us help you plan ahead! 
 
#holdsteady #interest rates #letstalk #wecanhelp  #yycmortgages #yycmortgagebroker #yycrealestate
    Our top three tips! Start with the right team of p Our top three tips! Start with the right team of professionals. This is the biggest purchase of your life. You will need sound and experienced advice!💡

💰Complete a mortgage pre-approval! Did you know a mortgage preapproval takes less than 30 minutes of your time? We have an easy, simple, and fast system to obtain all the relevant information. Once pre-approved you know your personal budget, the payment amount, the required documents and the maximum purchase price. ⏱

👩🏼‍💼👨🏽‍💼 Work with a skilled, experienced realtor! You want an expert in the real estate field, someone you can trust. Your realtor represents you in the home buying process, your best interests, negotiates the home price and writes the contract. They guide you through the home inspection, conditions and hand over the keys on your possession date. ✨

📑 Cover all the bases - a home inspection, condo document review, a great real estate lawyer, moving company and trades if the new home needs done TLC! 🔨

Sounds like a lot of moving parts right? We know. We work with hundreds of clients every year. We are experts in both mortgage options and in guiding our clients through a complex process. Make it simple. Let us help you build your home buying team! We can refer you to all the required professionals! 🙌🏻

#weloverealtors #choosewisely #buildateam #professionaladvice #getpreapproved #yyc #yycrealestate #yycmortgages
    That time we found our dream living room. 😂💙 That time we found our dream living room. 😂💙🙌🏻 Wood burning stove ➡️ for me. Guitars ➡️ him! 🔥🎸

Stay warm and cozy everyone! 🥶❄️🧊

#housegoals #givemewarmth #fireplacelove #guitarhouse
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      julie@elevationmortgage.ca
      Julie: 403.828.4832

      andy@elevationmortgage.ca
      Andy: 403.828.8832

      elevationmortgageyyc

      DLC Elevation Mortgage
      🚨PSA: Stay calm and carry on if you have a vari 🚨PSA: Stay calm and carry on if you have a variable rate mortgage! ▫️

We know…. Change can feel stressful. The Bank of Canada announced a Prime rate increase of .25% this morning. The increase was expected. ▫️

If you have a variable mortgage, that we set up at DLC Elevation Mortgage you planned for this. 💯💸☺️ We think you made a good decision. This continues to be a good decision. We are big fans of variable rates. ▫️

You have a really low interest rate and if you break your mortgage (need to sell due to life, relationship, health, employment circumstances), you have a very, very low mortgage breakage penalty compared to very a high fixed rate breakage penalty. ▫️

You know our variable rate hack. ▫️

More on that below! 🎉👏🏻You are incredibly confident in your interest rate decision. You fully understand that variable rate will slowly increase over time. You also fully understand that compared to the best five year fixed rates in the market at the time of obtaining the mortgage you are paying, in many cases, half the interest costs compared to fixed rates. ▫️

Now for the hack! ☺️ You are already paying your mortgage payment (and adding an additional payment to principle) to match what the fixed rate payment of the day was be aside that rate was far higher, so was the payment. Maybe that’s $100 a month, maybe that’s $250 a month. This amount depends on the size of your mortgage. 😎 You are taking action and are ready for rate increases because you already pay more than needed! You are proactively engaging in peace mind, while obtaining a great rate! ▫️

We have a plan for every client we work with. 📊🤓 You know the plan! Carry on! ▫️

If you do not have a plan or do not have someone who is proactively planning for you - you know who to call. ☎️ 

Julie  403-828-4832 📲
Andy 403-828-8832 📲

#yyc #yycrealestate #yycre #yycmortgages #yycmortgagebroker #yycmortgage #yycinterestrates #boc #prime
      Our clients are asking us this question every day Our clients are asking us this question every day - should we hold steady in our variable rate mortgage or moved the rate to a fixed rate? 💸 

With the current spread between the two sets of rates, variable rates being at least 1.5% lower than five year fixed rates, our answer is to hold steady! ☺️
That spread allows for six movements up in the Prime interest rate before any of us will have a rate as high as today’s current five year fixed rates. 📊

The possibility of life, relationship, health or employment changes mean most of us are far “safer” in a variable rate. Remember those pesky mid-term breakage costs (penalties), are way, way lower with a variable rate. 🤗

If you plan to move inside of your five year mortgage term (sell and buy or just sell) you need a variable rate!🏡 Consider all the options, reach out for advice, and let us help you plan ahead! 
 
#holdsteady #interest rates #letstalk #wecanhelp  #yycmortgages #yycmortgagebroker #yycrealestate
      Our top three tips! Start with the right team of p Our top three tips! Start with the right team of professionals. This is the biggest purchase of your life. You will need sound and experienced advice!💡

💰Complete a mortgage pre-approval! Did you know a mortgage preapproval takes less than 30 minutes of your time? We have an easy, simple, and fast system to obtain all the relevant information. Once pre-approved you know your personal budget, the payment amount, the required documents and the maximum purchase price. ⏱

👩🏼‍💼👨🏽‍💼 Work with a skilled, experienced realtor! You want an expert in the real estate field, someone you can trust. Your realtor represents you in the home buying process, your best interests, negotiates the home price and writes the contract. They guide you through the home inspection, conditions and hand over the keys on your possession date. ✨

📑 Cover all the bases - a home inspection, condo document review, a great real estate lawyer, moving company and trades if the new home needs done TLC! 🔨

Sounds like a lot of moving parts right? We know. We work with hundreds of clients every year. We are experts in both mortgage options and in guiding our clients through a complex process. Make it simple. Let us help you build your home buying team! We can refer you to all the required professionals! 🙌🏻

#weloverealtors #choosewisely #buildateam #professionaladvice #getpreapproved #yyc #yycrealestate #yycmortgages
      That time we found our dream living room. 😂💙 That time we found our dream living room. 😂💙🙌🏻 Wood burning stove ➡️ for me. Guitars ➡️ him! 🔥🎸

Stay warm and cozy everyone! 🥶❄️🧊

#housegoals #givemewarmth #fireplacelove #guitarhouse
      2021… you were quite a ride! ❤️😢🤭☺️😳😘🤪😫🙃🥰 all the feels from lowest to highest points! Lots of challenges, growth, joy, achievement, some stress and worry too and a massive amount of positives. It’s the people in our lives who matter! And on that front we are truly lucky 💙

It’s hard to imagine a better life full of so much love, kids and family 💙, my sweet, fun, kind and unbelievably hardworking husband and partner, our Vivi ❤️, and the best friends ever and the most fantastic mortgage team and the most inspiring, thoughtful colleagues at a company I’m so proud of. 

We’ve had the year of all years. One for the record books. ✨ The most fulfilling professional year of my life and a happy, healthy home life filled with adventure and fun. Our cup is so full. We are deeply grateful for the good moments. 💙

Wishing for health, happiness and great moments for you all in 2022!!! 🥂

#hello2022 #happynewyear
      Merry Christmas! What a year! 🎄✨🍾 As a s Merry Christmas! What a year! 🎄✨🍾 

As a successful year winds down, we want to take this opportunity to express our thanks for referrals and all the fantastic clients in 2021. We are so grateful. 

Grateful to our clients, our lender partners, and to all of those who support our family business. After more than 20 years in the mortgage industry and thousands of clients, we continue to love ❤️ the work and the opportunity to serve. ✨

We want to thank our incredible client care team members, Paula and Sarah, who are so dedicated to ensuring our clients have a great mortgage experience. They focus on keeping our referral partners updated and on getting each and every mortgage application to the finish line as smoothly as possible. 🙌🏻

After a remarkable year in real estate, with all of the ups and downs, the hard work, the worries and the rewards we are wishing you and your families a Merry Christmas and all the best in 2022! Sending our love and gratitude! 🥰

Andy and Julie
      Merry Christmas! 🎄We are so grateful for the su Merry Christmas! 🎄We are so grateful for the support from our clients, referral partners, lenders and our incredible team this year! 💙 Wishing for a truly merry and bright holiday season for all! ✨✨✨
      Celebrating all of our new homeowners this week! 🙌🏻🎉 New home builds, upsizing, right sizing, first time home buyers and an acreage! There are so many options and housing decisions! Let us help make the financial, lender and interest rate decisions far easier! 📲 contact details in our our bio or DM us! ✨

Andy 403-828-8832 📱
Julie  403-828-4832 📱

#heretohelp #yycmortgage #mortgageadvice
      We love a cottage style home! 💙 This little hou We love a cottage style home! 💙 This little house is dreamy. This week we had clients purchase a fixer upper. With a Purchase Plus improvements mortgage, you can purchase a home with as little is a 5% downpayment and add up to $40,000 in renovations to that mortgage!🏚🔨 One of the best mortgage products! Renovations are expensive, don’t put those on a credit card! Roll the cost into a fantastic mortgage rate. Now, I think our clients should go with blue! Agreed?🙌🏻

#mortgagebroker #mortgagetips #yycrealestate
      Buying a fixer-upper? 🏡 Did you know that you Buying a fixer-upper? 🏡

Did you know that you can include up to $40,000 of renovations into your new mortgage. A purchase plus improvements mortgage is easy to set-up when you find the right home! Quotes by contractors are required. The lender will approve the renovations at the time of purchase. The contractor will complete the work and the lender will advance the mortgage funds. An updated kitchen or bathroom, paint, flooring…. There are lots of ways to make a big impact! 🔨

#yyc #yycmortgages #yycrenovations
      Rates, rates, rates… are they going up? 1️⃣ Rates, rates, rates… are they going up? 1️⃣ Rates are rarely static. Up, down, steady, then up, down, steady. Fixed rates have moved up over the last months. But a few lenders decreased fixed rates today! 2️⃣ Variable rates are at historic lows. Prime will eventually move up. When and how fast? We would need a 🔮to know that! 3️⃣ How to decide on fixed vs variable? Easy… will you own the home for at least five years? Are you 100% confident you will mot have changes to your relationship, employment or health? Ummm. Wow! Tough questions right? 🤔 Life can be uncertain. Variable rates win in uncertainty. Fixed rates are for best when you will own the home for five years and no changes are coming your way! Don’t we all wish we had a 🔮?
 
#yyc #yycmortgages #yycrealtor #yycre #yycrealestate
      Happy Halloween! 👻🎃🧙‍♀️ Happy Halloween! 👻🎃🧙‍♀️
      To all of the amazing, dedicated, brilliant, kind, To all of the amazing, dedicated, brilliant, kind, thoughtful health care heros…

Thank you for everything…🙏🏻 We could never repay our debts to you. 

Delivering our babies 👩‍🍼
Fixing my broken ribs ❤️‍🩹
Fixing Andy’s broken ribs 🙌🏻
Treating my vertigo 💙
Stitching up Beck’s head 🥼
Saving our nephew’s life ❤️‍🩹
Casting Beck’s arm ☺️
Splinting his toe too🤕
Treating mom’s diabetes 🏥
Saving Andy’s life 😘
Giving dad peace at the end🕊
Warm blankets in the PICU 🛏

And the countless doctors appointments, specialists, tests, surgeries, overnights, ER visits, and blood work. Thank you for the cot and the food and showers at Ronald McDonald house. Thank you for crying with us on the very worst days and celebrating new life and snuggling our babies and asking if we needed anything and for never, ever giving up. We have needed the health care system way more than most. And you have never let us down 💙!

We are grateful. 

#healthcareheroes #albertahealth
      So we heard snail mail is cool again! 💌📩📬 So we heard snail mail is cool again! 💌📩📬

Let’s hope so! 🙌🏻🤣

1000 stamps later! 📮

Watch your mail! For all of our past clients, don’t forget …a once a year mortgage checkup is a very smart idea!🩺🥼We are here to help with questions or changes! 🤓

#newhouse #cottage #condo #upsize #downsize #rightsize #refinance #mortgagerenewal
      Right now - there is a big difference! 💸 Almost Right now - there is a big difference! 💸 Almost 1% less for a variable rate, in some cases. So don’t just fall for the “fixed rates are safe” line. It’s not true. It’s a marketing idea created by lenders. Lenders, banks and credit unions would rather lock their customers into a fixed rate. It’s profitable and very “safe” for the lender 😉. We focus on the right decision for our clients! 🥳

So be smart, if you are a mortgage consumer, a realtor, a home builder or want to be a home owner reach out! Find out the real story on both types of rates! ☺️

#yyc #yyre #yycrealstate #yycmortgages #yycmortgagebroker
      This little cutie, I’m a day late, still posting This little cutie, I’m a day late, still posting. 😂💙🐶 #vivian #hadtopost #nationaldogday #itsathing #ourthirdbaby #yycdogsofinstagram #cockapoo
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