Helping You Buy A Home

There is a lot to know about buying a home, especially if it’s your first time.  It’s one of the biggest decisions you will make in your life, so make sure you have the right team in your corner. Whether you are looking buy your first home, a new home build, condo, cottage or planning on downsizing, we will help you every step of the way. That’s why you need GBK in your corner!

Step One - Getting You Qualified

Our process is completely different from the banks and most other brokers, as we do not believe in pre-approvals. At GBK, we collect and process all documents, up front, and get our clients a firm approval. We have seen people lose deposits and not be able to close on mortgages due to major or minor conditions not being met. We will invest the time to process your application, review your credit and income and give your actual numbers of what can actually afford. Closing a property may come with extra costs that we will make you aware of up front.

What I Need to Get Started

In order to provide us with all the information necessary to qualify you properly, you need to collect some documents together for us:

  • Two most recent pay stubs
  • Letter of employment (including your position, salary, and start date)
  • Proof of your down payment and closing costs (closing costs are generally considered to be equal to 1 1/2% of the purchase price of the home) – this can be in the form of 3 months history of bank statements showing an accumulation of the funds, or an investment statement, or a copy of the purchase and sale of your existing home if you are using those funds towards the new purchase

Legal Cost

  • Land transfer
  • CMHC cost
  • Appraisal cost (if applicable)
  • Moving cost
  • If a new build, what may be expected

Step Two - Finding Your Home

The best advice we can give you, is take your time and don’t get discouraged! Your dream property is out there for you. If you are working with a realtor whom you trust, this will be a fun and exciting experience. If you do not have a realtor we can recommend you to a few trusted realtors that we have worked with.

Step Three - Putting In An Offer

We advise all of our clients to always make sure when putting in an offer to always include“conditional upon” as follows:

  • Financing
  • Home Inspection

As a minimum – many realtors will try to have you put even more down when necessary. You ask why, we answer with experience:

  • In case you get into a situation where multiple offers are at the table, you may feel pressured to make an unconditional offer

Conditions can mean that your offer might be declined in favour of the one that has none, but we cannot impress upon you enough that we do not believe this is in your best interest. You may not get that home, but believe us, it would be better than buying a home that comes with multiple issues that cost you more in the long run and or losing your deposit.

Step Four - Waiving your Conditions

The sellers have accepted your offer! Congratulations! The most important part of your job is to make sure your financing is approved before the five days. APPROVED MEANING – UNLESS AN ACT OF GOD. THE HOME IS YOURS. To do this, we require a list of documents that we need to satisfy the lenders approval. Your realtor will also arrange for a home inspections and appraisal if the lender requires one. Even though your closing date could be as far out as 90+ days, we don’t believe in waiting. We have seen it happen to too many times – families that were working with the bank or other brokerage where they were told“everything is good”, then days before closing they were NOT APPROVED, and couldn’t close.

Step Five – The Lawyer’s Appointment

Although you will have already signed documents with us, you will still need to see your lawyer to sign the legal documents for the registered mortgage. We can refer you a lawyer within your town that we have a strong relationship with. They will call you and request a list of documents which we will help you with.

Step Six - Closing Day

Congratulations!  You are now the owner of your New Home! You will get a call at some point from your lawyer or your real estate agent letting you know that the deal has closed, and giving you directions on how to get the keys to the house. Once you move in we don’t say goodbye, we will say in touch to help you out with any questions.  We can also provide you with forms that will help with the process:

  • Typical Closing Costs
  • Required Legal Docs
  • Moving  Check Lists

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