The 12 Month Mortgage Road Map
You’re buying a new home that will be ready in 12 months.
Today
✔ Give your deposit to your builder to hold your property. This deposit is refundable if you decide not to proceed, but will go towards your downpayment if you move forward with the deal.
✔ Work with your mortgage broker to ensure that you will be approved for a mortgage. We will also hold a rate to protect you from any future rate increases in the next 12 months.
✔ We will work together to satisfy the financing conditions for your mortgage approval. We will typically have two weeks to complete this.
✔ Once your conditions are satisfied, you will waive your condition of financing with your builder. Full steam ahead!
In 2 Weeks
Throughout the Year
✔ Maintain your credit score by paying your bills on time and keeping credit balances in check.
✔ Avoid new debts (think cars, furniture, expensive jewelry and holidays)
✔ Update your broker with any significant financial changes (think a new job or marital status change)
✔ 6 month mortgage rate check up - that’s right! If rates drop, we have programs available to hold a new rate for 6 months until your possession.
120 Days Before Possession
✔ Confirm your purchase price with your builder which includes any upgrades or changes to the original plan.
✔ Check in with us to evaluate the rate and product options available in the current market. A lot can change in a year!
✔ Get your home insurance ready! Check in with your friends at CRS Merrill Insurance.
✔ Let us know which lawyer you’d like to use to close your mortgage transaction. We always recommend Scott Bollinger. He’s amazing!
2 Weeks Before Possession
✔ Schedule your final walk through with your builder.
✔ Your lawyer will receive instructions from the lender at which point they will call you to book your signing appointment. They will also tell you exactly what to bring to your appointment (confirmation of insurance, remaining downpayment etc.)
Take Possession!
✔ Relax and have a party because you did it!