1st-time Home Buyers

Buying Your First Home

The Dave Butler Mortgage Team has a large network of lenders, appraisers, lawyers and investment advisors who are ready to assist first-time homebuyers through all angles of the mortgage process.  The combined knowledge of this network will ensure a stress free and valuable experience that goes unmatched throughout the industry. Finding the best interest rate in the market place is the easy part. 

The Dave Butler Mortgage Team will ensure that all questions remotely related to mortgage financing are answered and first-time homebuyers walk away from their mortgage experience feeling confident and able to help others with their mortgage inquiries. Just to prove that our service adds value to a first time homebuyers mortgage experience we have broken down the mortgage process to facilitate your belief in us.

1) Pre-Approval

The pre-approval is the first official step in the mortgage process.  One of our Mortgage Consultants will take your mortgage application and then research the market to find out which Bank/Mortgage Lender has products that fit your current situation, how much you can qualify for and what interest rates are available for you. Our team is equipped with the best technology in the industry and therefore can obtain an official pre-approval within hours. As well, due to our outstanding relationship with our lenders, we can hold your interest rate at the minimum point of inflexion for up to 120 days, therefore protecting you from rate increases.

2) Find a Home – Offer to purchase

A pre-approval does not lock you into a mortgage.  It's main purpose is to give you an idea as to your price range and to lock in an interest while you shop for a home.  When you are ready to buy a home, you then take the next step by submitting an Offer to Purchase which your Real Estate agent will make you familiar with.  Once your offer is accepted you now have a conditional Offer to Purchase.  Typically an Offer to Purchase is conditional for up to 7 days to allow the purchaser(s) to obtain a full mortgage approval and to get an inspection done on the purchased property to ensure that there are no major hidden problems with the home.   

3) Full Approval

Now that you have found a home, our team works to find you a lender that will loan you the required funds at your locked in interest rate. Depending on which institution we match you up with, obtaining a full mortgage approval takes anywhere from 24 to 48 hours.  Yes, its that fast.  This is where our relationships with the Banks and Mortgage Lenders come in handy and benefits our clients. 

Because Mortgage Intelligence places the largest volume of mortgages in Canada compared to any other mortgage brokerage firm, the banks and other lending institutions place your mortgage application at the top of the pile and move quickly to ensure that a mortgage approval is in our hands ready for you to sign.

4) Appraisal and Down payment

An appraisal is only necessary when your mortgage is considered to be Conventional or if the mortgage has been placed with an Alternative 'A' Lender such as GMAC or Xceed Mortgage Corp. 

A Conventional mortgage implies that the buyer is putting down 25% or more of the purchase price towards the home.

For those buyers that are not putting down 25% or more of the purchase price, we can certainly obtain a mortgage for you, this type of mortgages is subject to CMHC or GE Insurance premiums that the Banks and Mortgage Lenders obtain for your mortgage.  

The purpose of the insurance premium is to protect the lender from higher risk mortgage loans. First-time homebuyers can go as low as a 5% down payment and even no money down as long as qualifications are met.  For more information on the insurance premium or no down payment mortgages, simply call our office to speak with one of our many mortgage consultants.

5) Paper Work

Paper work is an important part of the mortgage process. Depending on the type of mortgage that suits your needs and the institution that is lending you the money, required documents  to finalize the mortgage varies from Lender to Lender.  We will explain in full detail all required paper work prior to your sign-up meeting at our office. The required documents generally relate to employment, income and down payment verification.

6) Lawyer

A Lawyer is required to act on your behalf in the home purchase process.  They are the ones who recieve and dispurse the money from your Bank/Mortgage Lender and is responsible for closing your mortgage on the designated closing date.  The lawyer also explains the mortgage process from a legal perspective and administers relevant closing costs such as land transfers taxes and property tax set-up.

Buying a home for the first time can be a very exciting and overwhelming experience at the same time. The Dave Butler Mortgage Team works very hard at making your mortgage experience a positive one by creating a relationship beyond the term of your mortgage.

CLICK HERE TO APPLY NOW