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Nov 23

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

  • Buying your first home, Mortgage News, Pre-Approvals are important, Understanding Credit
Pre approval

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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      Needed a little zen today 🙏🏻. Found this bea Needed a little zen today 🙏🏻. Found this beauty. 🐸 Bring on spring 🌺☀️🕶️ 🙌🏻 She needs a place in the garden. Love her spirit. 💙 Face to the sun, so zen, happy, grateful.
      Hi! 👋🏻 Happy Thursday… it’s been a minut Hi! 👋🏻 Happy Thursday… it’s been a minute since we said hello and since had a little break! Grateful for the support and we feel so lucky to live an integrated life - work, family, fun, travel can all fit in every week. 🙌🏻 

Calling a snow day tomorrow! Friday fun ❄️☃️🧣🧦 Settled in @mountengadine. So far, this year was a whirlwind of activity in the housing and mortgage market. Thanks to our incredible referral partners and clients we provided a LOT of mortgage pre-approvals! 👩🏼‍💻👨🏻‍💻💵 🙌🏻 Some of our clients are finding the right home, some continue the search. Rates are stable. Lots of out of province interest in our housing market. Yes, Alberta is as pretty, fun and full of adventure as our photos! 🏔️🏔️🏔️ 

Tomorrow - a snow shoe, hiking Mount Rummel, cozy fires, delicious food and drink @mountengadine and cross country skiing at Mount Shark Saturday! 🤩

#alberta #rockymountains #kananaskis #travelalberta #movingwest #workplayrestrepeat #yyc #yycmortgages #yycmortgagebroker #yycrealestate
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      Merry Christmas! ❤️🎄Sending love amd light Merry Christmas! ❤️🎄Sending love amd light to all of our friends, family and our truly incredible work crew (@realmortgs , @mansbridgemortgage , @hughbullenmortgages - simply the best 🤩🤩🤩) and industry partners! You make our business run so smoothly! We are so grateful to our incredible clients and those who refer our way! 🥰😘❤️ Thank you! #christmas #2022 #readyfor2023
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      The Prime rate has risen by another .50%. For the The Prime rate has risen by another .50%. For the first time in 15 years, fixed rates are now lower than variable rates across the board. The borrowing costs for variable rate mortgage and lines of credit will rise. Not the news any of us wanted, but the new reality is that inflation is severely impacting the Prime lending rate and is not slowing quickly enough. 

Thoughts on the news from Sherry Cooper, DLC Chief Economist - "The Bank of Canada hikes the Prime rate by 50 bps.... The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 4.25% and signalled that the Council would "consider whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to target.

This is more dovish language than in earlier actions where they asserted that rates would need to rise further. Some have interpreted this new press release to imply that the Bank of Canada will now pause or pivot. Expect there will be additional rate hikes next year, but they will be more measured and not on every decision date. The BoC may refrain from dropping Prime until 2024. 

Three-month rates of change in core inflation have come down, an early indicator that price pressures may be losing momentum. However, inflation is still too high, and short-term inflation expectations remain elevated."

Bottom line: This will likely be the last oversized rate hike this cycle. The Governing Council next meets on January 25. Whether they raise rates will be data-dependent. If they do, it will likely be by 25 bps. Even if they pause at that meeting, it does not rule out additional moves later in the year if excess demand persists. I expect further monetary tightening, the continued bear market in equities, and a further correction in house prices. 

#yyc #yycmortgage #yycmortgagebroker #yycre #yycrealestate #yycnews #mortgagerates #anotherincrease
      The end of each year is a great time to start to p The end of each year is a great time to start to plan for next year’s budget. ✨🎄💸

That may be buying your first home, your dream home or cottage or figuring out how to manage debts and pay down your mortgage faster. There are many ways to tackle your mortgage or reduce consumer debt with a mortgage refinance. 🏦 

Our advice begins with a thorough mortgage pre-approval. Did you know that we provide pre-approvals for first time home buyers but also for home buyers selling a home and buying, downsizing, or planning for a rental property or cottage? We also talk to many clients about buying a home for family - a child going off to university or aging parents. 📚 Budgets are great tool for all ages and all financial decisions. 🤓

So if you want to talk through options, run the numbers and create a plan we are here to help! 👋🏻
      Thinking about buying your first home? Start by ge Thinking about buying your first home? Start by getting pre-approved! 

By a human, not an online app. Mortgage pre-approvals should take up to one hour (60 minutes, not 60 seconds). We will collect details on employment, savings, debts, down payment, your credit score, and the range of homes you are interested in. 😊

A pre-approval tells you your mortgage maximum (the highest approvable mortgage amount), provides example payments, and explains interest rates, fine print, and all the options that a great mortgage should have (things like pre-payments to principle). Now is the time, plan ahead and let’s build your homeownership budget together. 🏡

#yyc #yycmortgage #yycmortgagebroker #yycre#yychomes #yychomebuyers
      What a great conference! @toddduncanofficial We ca What a great conference! @toddduncanofficial We can’t wait to implement all the new ideas to better serve our incredible referral partners, lenders and clients!
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      A little obsessed. 🤷🏼‍♀️ Yes! We love A little obsessed. 🤷🏼‍♀️ Yes! We love our work. Our gratitude to our clients and referral partners is immense. Our website is one click away - to starting your mortgage pre-approval! Link in our bio. Just a few minutes will save you a lot of time, effort and money. 💰
      PSA 🚨 When you are buying a new home really, r PSA 🚨

When you are buying a new home really, really consider that during the three weeks before the possession date it’s best to be at home, not travelling OR planning ahead to sign with your lawyer in advance of any travel plans. Remember that signing in advance requires every stage - the financing condition period, providing your income, downpayment and property documents and signing forms to be completed in advance. 🤷🏼‍♀️

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      Let’s get real… rising interest rates are putt Let’s get real… rising interest rates are putting pressure on the budgets of many! It’s a very good time to review spending, set up and stick to a monthly budget, and reduce credit card and line of credit balances! Don’t avoid the tough budget conversations. 🫣

Our clients were all approved at the federal government qualifying interest rate - at least 2% higher than the actual rate they received. 👍🏻 Rising rates were factored into their mortgage approvals. 

For variable rate mortgage holders - don’t lock into a fixed rate without a robust conversation around the reasons and possible outcome. Five years is a very long time. Variable rates are like waves. 🌊 They are peaking, will flatten and in the future (predicting when isn’t easy 🔮) will decline. It’s not a always going up or always going down situation. 📉📈

We are volitile times - serious inflation, supply chain challenges, war, global oil and gas shortages and rising costs energy costs are all playing a roll in the Bank of Canada’s rate decisions. 🤔

All interest rates are in essence “variable” as most Canadians have five year terms. Every five years the rate will change. To lock into a fixed rate at what may be the peak time of variable rates may not be wise. 🤓 These decisions are highly dependent on your personal situation, employment, budget, cash flow and future plans for the property. 🏠

📲Julie  403.828.4832
💻Julie  julie@elevationmortgage.ca

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