Found 2 blog entries tagged as closing process.

Purchasing a home is an exciting milestone, and for many people securing a mortgage is an essential step in making that dream a reality. However, the mortgage process can be complex and overwhelming, especially for first-time homebuyers. In this article, we will provide you with valuable tips and resources to help navigate the mortgage process with confidence.

Understanding Mortgages

Before diving into the mortgage process, it's important to have a basic understanding of what a mortgage is. A mortgage is a loan that allows you to borrow money from a lender to purchase a home. The property acts as collateral for the loan, and you make regular payments over a specified period, usually spanning several years.

Assessing Your Financial Situation

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You may breathe a sigh of relief once your offer to purchase a home has been accepted, but you’re not quite done yet. Between the time you come to terms with the sellers and the moment you finally put your key in the front door, you’ll be navigating the closing process—along with its associated costs.

There are multiple steps involved in the transfer of a home. While closing times can vary, it can take up to three months between an accepted offer and signing day, notes David Stevens, a REALTOR® with Royal LePage Coast Capital Realty in Victoria, British Columbia. 

This includes time for processing the deposit, conducting a title search, getting a home inspection organized, finalizing the purchase agreement, the lender’s property appraisal, and…

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