Mortgages Explained

Buying Process

While buying a home can be a significant milestone, it’s also a significant commitment.

That’s why it’s crucial to go through a specific set of steps. By organizing yourself ahead of time and following the correct process, you’re less likely to be surprised or blindsided by costs or standard practices in the industry. By going through the mortgage process in a specific order, and understanding each step, you’ll be well on your way to enjoying a stress-free buying experience.

Step One

Mortgage Pre-Approval

While many individuals want to begin shopping and visiting open houses, it’s essential to start with a mortgage broker and get a pre-approval. During the pre-approval process, your broker will go over your finances to accurately measure your financial qualifications and to help you understand how much you can spend on a house. This will help you zero in on the appropriate kinds of properties.

Be aware that a pre-approval is not a final mortgage approval. Once a property is found, your pre-approval is updated to include property-specific details that must be approved by our selected lender.

Step Two

Home Viewings

Once you have been pre-approved and understand the home price you can afford, it’s time to go shopping. A licensed Realtor is your best resource to navigate current market conditions and they will advise on key details to include in a real estate contract.

Step Three

Making an Offer

You’ve found your dream home, now it’s time to make an offer with your Realtor. If your offer is accepted, both parties usually have a shortlist of conditions or “subjects” within the contract. Subjects will often include home inspections, insurance, mortgage financing, et cetera. When an offer is made, the buyer has a specific amount of time to carry out the necessary investigations and decide whether not to remove the conditions. This is known as a “subject removal period”.  Ensure you give yourself enough time to meet the requirements and determine if you will move forward with the purchase.

Step Four


During the Subject Removal Period, we finalize your mortgage application, determine the appropriate mortgage product and lender, and submit your file for final approval. Once firm financing is in place, we will advise that the Financing Subject can be removed from the contract, and you are one step closer to buying your home.

Step Five

Removing Subjects

With satisfactory due diligence complete, you and your Realtor will remove buyer subjects from the contract. This is a critical step in moving forward with the sale. Once the conditions are removed, the contract becomes legally binding.

Step Six

Closing and Possession

When the conditions are removed, and the contract becomes binding, the process moves from your real estate agency to your lawyer. Once final mortgage documents are signed, your lawyer will manage mortgage funding and the transfer of land title on the specified closing date. This is the final step in becoming a homeowner.