Financing Your New Home

There are many common methods of financing the purchase of a property, including:

• Cash
• Cash to existing mortgage
• Cash to a new conventional mortgage
• Cash to a Vendor Take Back mortgage
• Cash to a combination of a conventional mortgage and VTB (vendor or seller take back) mortgage
• Cash to a Hi-Ratio mortgage

 

Whenever a mortgage is involved in the Financing Process, several steps are required:

• Completion of the loan application by the lender (an application fee may apply)
• The lender processes and reviews the application based on information provided by the borrower
• The lending institution requires:

1. An appraisal of the home
2. A Credit Report on the borrower
3. Verification of net worth (assets & liabilities) of the borrower
4. Verification of down payment
5. Verification of Income of the borrower

• Once the loan is approved, a Mortgage Commitment is issued for the borrowers' signature
• On closing, the lender disburses funds to the solicitors for disbursement
• The loan documents will be registered on title by the solicitor

| Financing | Determine Your Affordable Price Range | Buyer Hidden Costs |
| Step-by-Step Buying Process | Introduction To Mortgages | Tips for buyers | Tips for Sellers |
| Choosing A Realtor | Current Properties For Sale |

Re/Max

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