PURCHASE
Purchasing in the mortgage process refers to the stage where you take out a mortgage loan to finance the purchase of a property, such as a house or condo.
Summary of the purchasing process
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Property Selection: You have found a home you want to buy and you make an offer to purchase it.
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Mortgage Application: Once the offer is accepted, we need to choose the right lender (bank or other financial institution) to apply for a mortgage. We will need to analyze your financial situation, including your income, debts and credit score, to determine if you are eligible and how much a lender will be willing to offer you.
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Down payment: You must provide a down payment (usually between 5% and 20% of the purchase price of the home). The remainder will be financed by the mortgage loan.
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Loan signing: If the loan is approved, you sign the mortgage documents, committing to repay the amount borrowed plus interest over a set period of time (often 15 to 30 years).