YOUR QUESTIONS / 5 ANSWERS
Buying a Home / Purchase Mortgages
Practical answers to help you prepare for a conversation about your mortgage.
When should I contact you if I plan to buy a home?
Ideally, before you begin making offers. Early review gives us time to organize documents, assess credit and affordability, and address issues before a financing deadline becomes urgent.
What happens after my offer is accepted?
You send me the signed purchase agreement and property details. I update or complete the application, submit it to an appropriate lender, satisfy lender conditions, coordinate required documents and work toward instructions being sent to your lawyer.
Should I include a financing condition in my offer?
That is a legal and real-estate decision that should be discussed with your realtor and lawyer. From a mortgage perspective, a pre-approval does not guarantee that a specific property will be approved, so removing a financing condition can increase risk.
Can a lender decline the property even if my income is strong?
Yes. Lenders also review the property, valuation, marketability, condition, zoning and other factors. Approval requires both the borrower and the property to meet the lender's criteria.
What if the appraisal comes in lower than the purchase price?
The lender may base financing on the lower appraised value rather than the purchase price. That can increase the cash required from you or require a different financing strategy, subject to lender and insurer rules.
General information, not an approval, rate offer or personal legal or tax advice. Mortgage options depend on the lender, insurer, property and application. Government programs and lender requirements can change.
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