Calling all Winnipeg first time home buyers!
The process of obtaining a mortgage can be a long and intimidating process, especially for those who have never done it before. There may be a million questions going through you head, or maybe only one – where to begin?
At Winnipeg’s Best Mortgage, it is our priority to make sure you understand the mortgage process and feel comfortable moving forward and making these important financial decisions.
The following checklist has been designed to help you better understand the mortgage process and begin moving in the right direction. As you make your way down this list, please don’t hesitate to reach out to use with any questions or concerns you may have. We are always here to help!
Twelve Months Before Purchase
At this point, it is time to start making a financial plan. Check your credit score now so you are aware of any issues you may be facing and you can create a plan to tackle those problems. This is also a great time to come up with a down-payment plan. Will you be receiving the down-payment funds from somewhere or will you be saving up for this payment?
By planning ahead, it will be easier to determine what you can comfortably afford when it comes time to applying for your mortgage.
Nine Months Before Purchase
As with most steps in the mortgage process, finances are still important at this stage.
Before, you were just concerned with your down-payment. Now it is time to expand your budget to include expenses such as home inspections, title searches, property surveys and insurance. It is also a great idea to start an account for any home maintenance that will be needed on your new home.
At this point, you should have a better idea of your finances and can begin to research homes in the area you want to purchase in.
Six Months Before Purchase
Take the time now to collect any paperwork you will need for the application process. It is better to know in advance any paperwork you need to look for so you aren’t scrambling to find proper documentation later on in the process.
Common paperwork you will need includes:
- Identification documents
- Tax forms
- Recent paychecks
- Statements for any debt you are currently carrying (credit cards, other loans, etc.)
- Bank and investment statements
- Addresses for your recent residences
This list does not necessarily include everything you will need and may vary based on your individual situation.
Six months out is also a great time to start researching brokers. As Winnipeg first time home buyers, this process may seem just as intimidating as deciding on a mortgage product itself, but it doesn’t have to be.
When you are conducting your research, pay attention to qualifications and reviews and make sure you schedule interviews to meet with potential brokers. Once you have found a trustworthy broker, like Daryl Harris of Winnipeg’s Best Mortgage, you are ready to move to the next step!
Three Months Before Purchase
Now the ball is really moving! At this point, you should attempt to get pre-approved for your mortgage and begin seriously shopping for your dream home.
Two Months Before Purchase
Once you have found the home, you will make an offer and get the home inspected.
One Month Before Purchase
Now all that’s left to do is to review all of your mortgage documents before closing, purchase home insurance, conduct a final walk through of your home and obtain a cashier’s check for your down-payment at closing!
Congratulations on making your way through the mortgage process!
If you have any questions about the information listed above or would like to get the ball rolling on your own mortgage checklist, give us a call today at (204) 292-4817!