CMHC TOOLS, RESOURCES AND VIDEOS:


 

“With less than 2 weeks to our closing date we contacted Casey to arrange our mortgage for a home purchase. He truly was amazing and efficient. He managed to arrange our mortgage on time and at a very low rate. This was our first time using a mortgage broker and we would highly recommend Casey to anyone looking for a mortgage.”

 

Hamid & Fozia Sankhar, Milton, Ontario


 

“Honesty, integrity, and professionalism are the three words that come to my mind when I hear Casey’s name. He has provided my clients over the years with the highest level of service and they always thank me for introducing them to him. Casey truly goes above and beyond.”

 

Deborah Robinson, Real Estate Agent – Royal Lepage


 

“Working with Casey was an absolute pleasure from the beginning to the end.  Not only did he secure us a much better mortgage rate than the bank we’ve been with for over 15years, but he also helped us create a financial plan to help us to pay off our mortgage faster while creating wealth at the same time.  We’re very excited about working with Casey in the future and look forward to referring him to all of our friends and family.”

 

Peter & Lorraine Verners-Rufh, Oakville, Ontario


 

“Purchasing our first home was a little nerve racking at first, but after speaking with Casey we felt completely at ease as we new we were in good hands.  Unlike our bank who took more than 2 days to call us back, Casey was always available to answer our questions and concerns no matter when we tried to reach him. Casey you made our first home purchasing experience a very pleasant one, and we really appreciated your advice regarding our life insurance options as well.  Thanks for everything…you saved us a lot of time and stress!”

 

John & Allison Botero, Mississauga, Ontario


 

“I have nothing but amazing things to say about F1RST CHO1CE Financial Group. Not only are Casey & Wayne extremely helpful and patient, but they’ve always taken the time to explain all my available options and make recommendation that would help me best attain my goals. I would recommend F1RST CHO1CE to anyone looking to plan for their future.”

 

Wilfido Rodriguez, Brampton, Ontario


 

“My wife and I have been clients for several years now, and in that time, we’ve conducted numerous transactions with both Casey and Wayne from mortgage refinancing to life insurance to managing our investments. These individuals have demonstrated that they have superior knowledge of their respective products and are able to deliver them with exceptional customer service. I have found that this combination is a rarity these days, and as such, I whole heartedly recommend their service to both friends and family with confidence.”

 

Clifton Sookdeo & Shelly Sharma, Caledon, Ontario

 






PURCHASING A HOME: continued

 

 

Step 4: Making An Offer:  If you have decided that this is the right home for you, decide on a figure and have your agent prepare the Offer (Agreement of Purchase And Sale). With your agent, list everything you want included (i.e., conditions on financing and inspection, survey clause, appliances, light fixtures, etc.). At this time, you may want your lawyer to check it out, and certainly prior to waiving any conditions to make the offer firm.

A firm offer: means that you will buy the property as outlined in the offer of purchase and that there are no conditions attached. Once the vendor accepts the offer, you are both bound to the agreement.

A conditional offer: means that you will buy the property if those certain conditions are met. We recommend that a condition on financing is included, especially for high-ratio insured mortgages. If you have a condition on financing clause, get in contact with us right away. The condition on finance should be for at least 3 to 5 business days, so that you and your mortgage broker have enough time to get your live approval.  The following is a list of documents and information that you will need to provide in order to obtain your approval from the lender. (note depending on the lender and situation, documents may vary)

- Copy of the accepted Purchase and Sale agreement

- Copy of the MLS listing (if listed on MLS service)

- Completed and signed application (unless you were pre-approved with our office already)

- Confirmation of your down payment: it may be from your savings, RRSP, equity from the sale of another home (copy of sales agreement would be required if property sold less than 3 months), or a gift letter for any money that has been gifted

- If you are a salaried employee, a letter of employment outlining your name, base salary, hours worked per week and length of service along with a recent pay stub and possibly your last year’s T4 may be required

- If you receive the majority of your income from commission sales, three years of personal taxes (T1 Generals) as well as three years of notice of assessment will be required to calculate an average…A two year average may be used if the down payment is greater than 20%.

- If you are considered self-employed, 2 years of personal taxes (T1 Generals) as well as 2 years of notice of assessment will be required to calculate an average…A two year average may be used if the down payment is greater than 20%.

- If you are self-employed and you have incorporated your company, some lenders will also ask for three years business financials and three years business tax returns along with the three years T1 Generals and three years of Notice of Assessments.

Once all conditions have been satisfied (the offer has been accepted), a deposit is required as a symbol of commitment to the offer of purchase, and it is made payable to the listing Real Estate Firm “In Trust”. Interest on the deposit can be requested, and this deposit will be applied towards your down payment on closing.

 

Step 5: Closing the deal and taking possession:  After the mortgage has been approved and all conditions waived, you must deliver the following documents to your lawyer:

- Copy of the complete accepted offer to purchase (all schedules, waivers, etc)

- Certificate of Fire Insurance – The insurance company will need to know the details of property and Mortgage Company to prepare this. Lenders usually require you to arrange for full replacement value of the building.

- A copy of a Survey, signed by a qualified land surveyor. In lieu of a survey, title insurance is acceptable with most lenders.

- Advise us of the name, address, and phone number of your lawyer so that the mortgage instructions can be sent to him/her.

- You should arrange for utilities (such as electricity, water, fuel, and telephone) to begin service in your name.

- A few days before the closing date, you will meet with your lawyer to go over all details. At this time, you will also be provided with a dollar figure so that you can prepare your certified cheque, made in trust to the lawyer. This amount will cover for the balance of the down payment, closing costs and adjustments (please refer to section: “Closing Costs and Adjustments” for details and estimated costs).

On closing day, the lender will provide your lawyer with the agreed mortgage funds to close the transaction. Your lawyer will register the property and the mortgage in your name, and obtain the keys and the deed for you.

 

Back to PURCHASING A HOME – STEPS 1, 2 & 3


At F1RST CHO1CE Mortgage Solutions we’re passionate about sharing our knowledge, experience and unbiased opinions with borrowers who are looking for a trusted advisor to help them with their financing options.

 ANY QUESTIONS?…Contact a Mortgage Advisor today!