The 3 Year Mortgage Road Map
You’re buying a new home that will be ready in 2 to 3 years.
Today
✔ Meet your builder’s sales rep to secure your unit with a small deposit. This deposit is refundable if you decide not to proceed, but will go towards your down payment if you move forward with the deal.
✔ Work with your mortgage broker to ensure that you will be approved for a mortgage. Your Builder will require a 10% deposit; your mortgage approval will need to be for 90% of the purchase price.
✔ Provide your first 5% down payment to your builder.
✔ Waive your condition of financing by providing your builder with your mortgage approval letter from your Mortgage Broker. This means that your deal is now firm, your deposit is non-refundable and you are Full steam ahead!
In 10 Days
In 3 months
✔ Provide your remaining 5% down payment to your builder.
In 1 Year
✔ Watch out for monthly construction updates from your builder.
✔ 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)
In 2 Years
✔ Meet with your mortgage broker to formalize your mortgage approval. At this meeting, you can hold a mortgage rate for the next 12 months to protect yourself from mortgage rate increases.
120 Days before Possession
✔ Your builder will reach out to you and confirm your possession date
✔ Check in with your mortgage broker to evaluate the rate and product options available in the current market. A lot can change in a year, and it’s our job to ensure you’ve got the Best of the Best!
✔ Get your home insurance ready. It’s good to shop around for the best deal. START HERE with our friends at Westland Express!
✔ Schedule your final walkthrough with your builder.
Take Possession!
✔ Relax and have a party because you did it!