The Pre Approval Pathway
Take a look at our step-by-step process for getting pre approved.
Step 1 - Meet with our team
Our dedicated group of mortgage brokers Stefan, Jeremey and Erin are happy to get you mortgage educated and walk you through the steps.
Step 1A- Determine timeline for purchase based on your financial information
Your purchase timeline will dictate whether a preapproval should be started right away or, if you have a home under contract, a firm approval should be processed.
Step 1B – Determine your purchasing power
Your purchasing power is how much you can afford, taking into account your down payment. income, and debts. There are calculations that will help us Identify your purchasing power.
Step 1C – Submit required Documents
Your pre-approval is contingent upon lenders having your salary and down payment confirmation as well as your credit bureau or history of credit borrowings. Your salary confirmation is usually obtained through a letter of employment from your employer and your most recent pay stub. Your down payment confirmation can be shown through 3-month history of bank statements. Your credit bureau tells the lender how your other debts may affect your approval.
Congratulations your now pre approved. The Quickfire team has worked their mortgage magic and you can shop comfortably knowing how much you can afford.
Step 2 - Meet with your Realtor, or if you don’t have one, we have a group of real estate experts ready to assist you.
Your realtor will analyze your needs, wants and priorities. Determine the type of home you are Interested in purchasing. A good Realtor will help you find and rate properties based on criteria you find together.
Step 2A – Tour properties together
After looking at various properties, you may find the home you want
Step 2B – Make an Offer
You and your Realtor decide on how much you are willing to spend. The sellers will either accept, reject or counter your offer. This process will go on until a mutual agreement is met.
Congratulations! You now have a purchase contract!
Step 3 - Provide Property Information to the Quickfire Team
Submit your contract, MLS listing, Property Disclosure Statement and Form B.
Step 3A- Property Due Diligence
Have the home Inspected by a qualified home inspector, read the condo minutes (if applicable), and become acquainted with any other relevant property information. The lender may require an appraisal at this point.
Congratulations! You are now fully approved for a mortgage on your home and you have removed conditions.
Step 4 – Contact a Lawyer, if you don’t already have one, we have many experts who will be ready to assist you.
On the completion day, your lawyer will handle money and title transfer on your behalf.
Step 4A- Make Arrangements
Make arrangements to see your lawyer, make moving arrangements, arrange for insurance, decide when you are going to pick up your keys.
Congratulations you are now the proud owner of your new home.