8 Steps to a New Home
Westcor serves clients seeking mortgages and related services anywhere in Canada. Our clients receive professional mortgage support through our experienced service team and our network of partners. Here is the process:
1. Getting Prequalified.
Its now the time in your life to purchase a new home so it’s a good idea to get pre-qualified before you start looking. Being pre-qualified allows you to know what price range you can afford or what payments you would be comfortable making. Knowing your potential price range may open more doors to property you may not realized you could buy. Now with so many mortgage products its important to sit down with a professional mortgage associate and look at your many options before you start your search.
By pre-qualifying you also can get rate quarantees from 90 to 120 days.
2. Find a home you want to purchase.
By the time you contact Westcor you have found a property that you are interested in purchasing. If you want to double check your property against a check list to ensure you have a good match - see our House-Buying Checklist.
3. You apply for a mortgage.
Westcor has a standard application that you fill out which includes:
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Stating the value of the house
- Verifying your personal financial status
- Determining if less than a 20% down payment is being made on the home (down payments of less than 20% require CMHC of Genworth Financial and AIG insurance)
- Matching your finances to an appropriate mortgage level
4. Westcor conducts a credit search.
This allows us to secure you the best industry rate available given your credit rating. You will need to provide the following information:
- Financial Statement - outlines current financial position, assets and liabilities, net worth
- Proof of income - a letter from your employer or a pay stub; self employed - current earnings, financial statements and copies of 3 years of income tax returns
- Proof of downpayment - a receipt from the realtor
- A statement identifying the source of the downpayment - a statement from a Bank, Trust Company or Credit Union confirming sufficient monies on deposit to cover down payment as shown on the Offer to Purchase. Or, copies of listing and/or offer on present home if equity is from proceeds of sale of present home.
- A copy of the offer to purchase
- A copy of the feature sheet for the home
5. Westcor submits for rate approval.
This submission and approval process takes approximately 4 hours. Once we receive confirmation of your approval we place a hold on the rate coinciding with the execution of the closing date. This ensures you lock into the best rate available which stabilizes the value of your mortgage payments.
Westcor also coordinates the provision of the feature sheet and offer information to either the lending institution and in turn CMHC or Genworth Capital.
6. Westcor coordinates your new home appraisal.
Lenders require an appraisal of your new home to ensure that the value of the property supports the execution of the mortgage. To ease the process, we will coordinate with members of the Accredited Appraiser Institute of Canada or a certified Canadian Residential Appraiser to conduct the assessment, when require Westcor will order or arrange the appraisal.
The appraisal also benefits new home owners in that it can help them determine whether their new home is a sound investment.
A copy of the appraisal is given to the lending institutions and CMHC/Genworth to secure the mortgage.
7. You provide final signatures.
With Westcor completing the execution of the mortgage, you are ready to sign off. You may visit our office to sign the following documents or we can mail/fax them to you:
- Statement of Disclosure - a provincial government requirement.
Provide a void cheque for debit of account for mortgage payments to the lending institution.
- Fill out an Authorization of Debit for your account from the lending institution.
- Fill out a life insurance form to secure the mortgage - this policy may be held with Westcor's Referral or the lending institution.
8. Legal execution.
Westcor's lender will process the information we provide and will send instructions to the lawyer for legal signature. You make one final visit to the lawyer's office for signature execution.
8 simple steps and your home financing is in place!
Westcor will contact you when your mortgage term is up for renewal to counsel you on how to secure the best rate for extending the term of your mortgage.
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