Steps to Buying a Home and Getting a Mortgage

Date: July 6, 2022

Shopping for a new home is exciting and being prepared helps make it an even better experience! Here are a few things to consider before you start house-hunting:

1. Collect important documents. To be pre-approved you will need documents:

  • Current pay stub
  • Most recent T4
  • Valid Government issues ID
  • Confirmation of down payment
  • Lists of assets and liabilities including investments, vehicles, credit cards, loans and mortgages outstanding.

2. Call Westoba and get Pre-Approved. Before you fall in love with your dream house, come visit us. One of our Mortgage Specialists will walk you through the application process. With a pre-approved mortgage, you’ll know exactly what you can spend/afford.

3. Shop for your dream home. When looking at homes, imagine it with a new coat of paint, new kitchen, bathroom or flooring. The possibilities are endless, so don’t forget to think outside the box. Westoba offers products to add funds onto your mortgage so you can tackle home improvements right away!

4. Make an offer. When you find your new home, make an offer to purchase with a real estate agent, subject to financing.

5. Get your mortgage match. Picking the right mortgage can be more stressful than choosing the right house. Open or closed? Fixed or variable? Long-term or short term? Our Mortgage Specialists can help you choose a mortgage that works for you.

Don’t Forget the Extras

If you’re house shopping, you’ve probably been saving for a down payment. You’ll also need to set aside money for things like:

  • A home inspection
  • Appraisals or land surveys, which may be required by your lender
  • Property taxes
  • Legal fees associated with the sale
  • Land transfer taxes
  • Any maintenance and repairs you want or need to make before moving in
  • Mortgage insurance
  • House and fire insurance
  • Moving costs
  • Furniture and appliances
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Thinking about renovating?

Renovations are a great way to make your house feel like home and increase your property value. Whether you’re thinking of a major home renovation or a small project, Westoba has financing options to meet your home improvement needs.

Here are a few options to help you finance your renos:

  • Line of credit with flexible payments
  • Loan with a fixed rate and payments
  • If you’re buying, add purchase plus improvements to your new mortgage
  • Use available equity in your home by refinancing or setting up a home equity line of credit

Pro Tip: Use your Collabria Rewards Credit Card to pay for renovation expenses where possible. Pay the balance off before the due date with lower interest rate financing options available at Westoba and your renovations could pay for your next getaway!

The best place to start is talking to our Mortgage Specialists and finding what works best for your financial situation. Call 1-877-WESTOBA or make an appointment now!

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