Buying your first home is an exciting time, and it’s important to consider all of your options. A Group Mortgage Plan Specialist can put their experience to work for you, with expert advice that could save you time and money – today and down the road, and will answer all your questions and guide you through the entire process. With Group Mortgage Plan you’re assured there is expert help at every step of your financing process.

Mortgage Basics 101

The following information will provide you with a sound foundation of knowledge to help facilitate the discussion with your Group Mortgage Plan Specialist.

The Home Buying Process

Step 1: Consultation

Your Group Mortgage Plan Specialist will discuss your mortgage financing needs with you, and help you identify the products and options that would work best for you. This is a good time to discuss the documentation you will need to move forward in the mortgage process. During this time you will complete an application and potentially receive a pre-approval. The lender will then consider your application based on the financial information you provide and on your credit bureau report.

Step 2: Find A Property

This is where you will look for a property that will suit your needs. When you find a property, discuss with your real estate agent whether to make your offer conditional or unconditional.

Step 3: Full Approval

This is where the mortgage commitment is generated and the mortgage documents are signed. From the time that your mortgage is approved until your mortgage funds, your Group Mortgage Plan Specialist is available to answer any questions you might have about next steps as you continue through the mortgage process.

Step 4: Meet With Your Lawyer (Notary)

The lender will send instructions to your lawyer (notary) about the required documents and next steps to ensure the closing happens on time. Your lawyer (notary) will discuss what is needed from you at this time, including signing of documents.

Step 5: Closing Day

The funds are advanced from your lawyer to the seller to pay for your new home. You will also receive your keys!

5 Mortgage Mistakes and How to Avoid Them

1. Not knowing what you can afford

   For Group Mortgage Plan Specialists knowing what you can afford is not just about looking at your income. There are many elements to consider. We’re here to review the whole picture.

2. Forgetting to include all expenses

   There are certain expenses that come with home ownership. Your Group Mortgage Plan Specialist will help you consider what is or may be on the horizon.

3. Not planning for the future

   We at Group Mortgage Plan provide expert advice that could help you save thousands of dollars over the lifetime of your mortgage.

4. Hiring the wrong team

   As mortgage experts, we draw on our experience to help you find a mortgage suited to your needs.

5. Skipping the home inspection

   A home inspection is a great bargaining tool when negotiating a sale price, and could help you avoid costly surprises after you purchase.