Summer mortgage success

Happy news on the mortgage front. Rates are continuing to drop. 

If you are looking to buy a home over the summer, my suggestion is to think carefully about your timing. 

Understanding that life happens, writing an offer on a home when you have holiday travel plans can add a whole level of stress to the process. 

In case your dream home comes on the market while you are heading out of town, there are ways that you can be prepared.

First off, make sure your mortgage broker, realtor, and lawyer (your home buying team) are all aware of your schedule. 

Before you write an offer, it’s important to understand what you need to take care of and when:

  • arranging your mortgage financing
  • dealing with the home inspection and home insurance
  • signing mortgage documents

With the technology available today, you are able to sign your offer to purchase on a home electronically. If you are tech savvy, the documents you will need for your mortgage application can be submitted electronically as well. Most lenders now accept the initial mortgage documents signed electronically.

The first key date to think about is your subject removal date. Ideally, you have been working with a mortgage professional and have your ducks in a row.

Having your documents organized and sent to your mortgage professional ahead of time will help. Lenders will often ask for clarification or additional documentation, so being as organized as possible with your paperwork can save you last minute pressure.

Ideally you will be available to attend your home inspection in person. Your home inspector will walk you through the house and go over any potential issues. Although you can have someone else attend on your behalf, some of the information may be lost in translation.

Final mortgage documents must be signed in person, in Canada. If you write an offer, make sure you are available in Canada to sign documents prior to your closing date. Ideally, plan to be back at least a week early to deal with any potential issues.

Take a minute to check the timing of your closing date with the lawyer or notary that you will be working with. Over the summer they may be taking time off as well, so you need to make sure they (or someone covering for them) will be available and have the capacity to help you with your purchase.

Most importantly, keep your home buying team up to date with your schedule and availability in case you are needed to make a decision or provide more documents.

Hope you are enjoying the smoke-free summer so far!

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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

Visit their blog at https://www.okanaganmortgages.com/blog


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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