Purchase

Purchase

A house is the biggest purchase you will make and sometimes arranging financing can be stressful. Bax Mortgage is here to help walk you through the process and find the right mortgage to fit your needs.

Whether you're a first-time homebuyer or an investor looking to grow your portfolio. We’re here to guide you through the mortgage process with clarity and confidence, and assist you with any of your purchasing needs.

What Is a Mortgage?

A mortgage is a loan secured by real estate used to purchase a property. You borrow money from a lender and agree to repay it over time, typically through monthly payments that include both the principal (the amount you borrowed) and interest.

Steps to Homeownership:

1. Discovery Call – An initial phone call or meeting takes place with the potential home buyers and the mortgage broker to determine if home ownership is right for you.
2. Pre-Approval – We cannot stress enough that a pre-approval should always be the number one step before you even reach out to a realtor about buying.  A pre-approval is done by starting a mortgage application and assessing your credit score. From there, preliminary documentation is collected such as job letters, T4s, bank statements, etc. These documents will help us determine what you can afford and will allow us to submit a rate hold to a lender to lock in a rate.
3. Find Your Home – Contact a realtor and start shopping confidently knowing your budget and financing are in place. Your rate hold will typically last 120 days which gives you ample time to look at houses and find one that best suits your needs.
4. Apply for Your Mortgage – Once you have submitted your offer it is time to submit your formal mortgage application to the lender with all the particulars regarding the subject property you have purchased. If there is a financing condition in your offer, all conditions must be met before the financing condition deadline.
5. Appraisal and Underwriting – The lender will evaluate your application, credit report and supporting documentation. At this time, they will also determine if an appraisal is needed to confirm the property value.
6. Conditional Commitment – At this time the lender has approved you for your mortgage with certain conditions that need to be met. By working with a mortgage broker, the broker does the majority of the leg work for you as they should already have the bulk of these documents up front from your pre-approval. The broker will communicate with the underwriter and submit all documentation needed to satisfy all conditions.
7. Closing – This is where it all comes together as you approach the finish line! All documents are now signed and completed and the lender is ready to fund. You will meet with your lawyer and sign all legal documents and get the keys to your new house!

Why Work with Us?

Our brokerage consists of experienced mortgage brokers and agents that work hands on with their clients to help guide them through the purchase process.