Posted on: 08-01-05 14:30:00
Hi,
Anybody explain what step anybody have to take if he is moving to new home?
Is there any link from where can I find what steps should take if closing date is close for new home ? i.e. when to find lawyer, when to contact mortgage agent/bank etc....
Thx
It is always good to have you pre-qualified for a mortgage first before starting to look for the house. The benefit is that you know before hand how much you can qualify for, what your mortgage payments would be and you will look for the house in your budget and you stay away from 'impuls buying' which could cause a deep hole in your savings and monthly cash flow. Moreover, you can also 'lock' the rate for up to 4 months and can get the advantage of either getting the locked rate if the rates go up or even get a lower rate,if the rates go down, provided the deal of your house closes within that period. The lawyer should be contacted as soon as the sale purchase agreement is executed. Hope this helps.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
