Whether you're entering the market for the first time or expanding your property portfolio, we guide you through each step, transforming a potentially stressful process into a seamless experience.
Purchasing a home is one of the largest, most important financial transactions you will ever make in your lifetime. Whether you’re new to the market or buying your second or third property, acquiring the right mortgage product while understanding the details is very important.
Dream Key Mortgage will help you understand that process and place you in the most favourable position possible to seamlessly attain your goals of homeownership.
Here are some steps that we will assist with and review in more detail once you begin working with our team:
1. Obtaining Your Mortgage Pre-approval: In today’s Real Estate Market, a mortgage pre-approval is essential as it provides a basic understanding of the mortgage amounts we can work with while demonstrating to a seller that you are a serious, willing and capable buyer.
2. Working with the Right Real Estate Agent: Once we review your application and establish the size of mortgage you can carry, we will refer you to a suitable Realtor from our network of trusted professionals, to cater your needs and match your personality. Being connected with the right realtor to guide you through the home buying process is a critically important decision and in a complex and fast-paced market, having the right representation matters. If you are not already working with a Real Estate Agent, Dream Key will refer you to a professional who can find you the best property within your requirements, while negotiating the best terms possible, all the while, keeping us updated so we can collaboratively help you reach our goals.
3. Selecting the Right Product for You: Once you have found the property you would like to purchase, and your offer has been submitted, Dream Key will complete your application with a suitable lender and recommend the right product relative to your circumstance and requirements. It is important to note that different mortgage terms come with various features and part of our job is to ensure you have the most suitable mortgage for your present and future needs while understanding the fine print.
4. Introduction to a Real Estate Lawyer: Once your mortgage is finalized, and all of the conditions in your agreement are fulfilled, we will connect you with a trusted Real Estate Lawyer who will protect your best interest and facilitate the transfer of home ownership. We will provide your lawyer with all the necessary paperwork and context for them to successfully get you to your closing date.
Dream Key Mortgage will assist you in every step of the process and make a potentially stressful scenario as easy as possible.
This call is designed to get to know the client better. We request the appropriate documents required to obtain an approval with a lender and we ask preliminary questions to better understand the client’s goals & financial situation.
Completion of a quick and easy online mortgage application followed by uploading all of the required documents requested by the Mortgage Agent. This will allow us to determine the best mortgage solution for you along with providing an estimated pre-qualified mortgage amount.
Once your application is submitted & reviewed, the lender will issue a conditional approval. This means there are still certain specific conditions that need to be satisfied before a final approval is issued. Examples of these conditions may be; income clarification, rental income confirmation, appraisal/fair market rent analysis, and many more. At this time you will also sign, complete and go through all of the fine details of the mortgage commitment with your Mortgage Agent.
After satisfying all conditions, the lender will issue the final approval and send your real estate lawyer the solicitor instructions for finalizing your mortgage on closing day.
The final step involves signing the closing documents with your real estate lawyer. Your real estate lawyer will review all solicitor documentation, conduct a title search, register for title insurance, handle the transfer of property ownership, as well as, collecting/disbursing the funds for downpayment plus closing costs.