You’re Pre-Approved! What’s next?
Once you have found the perfect home, the next step is writing a purchase contract which is where you negotiate on your purchase price, possession date and any other details. We recommend that you add your own buyers’ conditions to the purchase contract. One of the most important conditions would be "Subject to Mortgage Financing". Even though we don’t foresee any issues with your pre-qualification, we always recommend this condition as a safeguard in the purchase process and this will allow us the sufficient time to turn your pre-approval into a firm approval.
Other Conditions to Consider:
A property inspection
A walk-through prior to possession
Condo document review (if applicable)
Request copies of compliant RPR (Real Property Report) and any permits for work completed
We recommend leaning on your real estate agent for their expertise and advise surrounding these conditions.
Once you have an accepted pending offer on your new home, a good faith deposit is typically due within 48 hours. This deposit is cashed and held in trust at the sellers’ law firm until your possession. Don’t worry though – if your offer does not firm up with the conditions, the deposit is returned to you. Otherwise, this deposit will go towards your total down payment requirement (with the remaining down payment monies due prior to possession).
The next steps are working through your agreed upon conditions:
The purchase contract would be sent to MMG Mortgages to move forward with your financing and finalize any remaining conditions
Book your home inspection and condo document review (if applicable)
MMG Mortgages will arrange or provide a quote for your home/fire insurance
Engage your Lawyer and Law firm. MMG Mortgages is happy to provide an introduction to one of our preferred partners.
Review your life/disability insurance policies that you may already have in place to ensure you have enough coverage for this new asset. Buying a home is a great opportunity to review your personal insurance coverage to ensure the coverage you have sufficiently covers your current needs. MMG Mortgages can help you explore these options.
We know that the home buying process can be stressful and time-consuming but by choosing to use our preferred partners, we can streamline the process to ensure efficiency. We have preferred partners in all areas from Real Estate Agents, Home Builders, Lawyers, Inspectors and Insurance agents and we are happy to provide introductions.
Happy House Hunting!