TM Sagen is a trademark of Genworth Financial Canada, the mortgage insurance company.
TM Canada Guaranty is a trademark of Canada Guaranty Mortgage Insurance Company.
A step-by-step guide to buying a home
Buying a home is one of the biggest investments you will ever make. Let us guide you through every step of the process, from your first meeting with a mortgage advisor to the moment you move in.
Make the buying process easier by getting pre-approved online. It guarantees the amount and interest rate on a mortgage for 90 days, and you’ll obtain help from an expert for the last steps. Easy, right?
Have you calculated your monthly payments? How much of a down payment can you afford? Have you budgeted for the appraisal and legal fees? We've got a six-step guide to buying your first home.
Before the meeting, review your needs and financial goals to determine how much you can spend on your home. Do you know your credit score? Be sure to find out: advisors need a complete overview of your finances so they can recommend the best solution.
Your advisor will help you choose between a mortgage loan or home equity line of credit based on your needs.
Your advisor will need to look over certain documents to assess your borrowing capacity. These include proof of income and documents showing your financial situation (investments, RRSPs, etc.) and information on the property you're interested in.
Click on the links below for a complete list of documents to bring to the meeting.
Tip
Can't afford a 20% down payment? You can put down as little as 5% on your mortgage loan when you take out loan insurance with the Canada Mortgage and Housing Corporation (CMHC), SagenTM (formerly known as Genworth) or Canada GuarantyTM.
Have you made an offer on the home of your dreams? Give the offer to your advisor along with all the other required documents, including proof of down payment and income (bank statement, etc.).
The next step is the property appraisal. National Bank bases the amount of your financing in part on the market value of the property. Sometimes, the Bank will require a certified appraisal, in which case professional fees should be taken into account. If all the conditions are met, your financing application should be accepted.
Tip
Did you know that you can make a down payment via National Bank online? Ask your notary—it's as easy as paying a bill online! (Quebec only)
Once the legal professional has registered the property in your name, you'll need to come in and sign the official documents (deed of sale, mortgage deed, tax documents, etc.). Then, the Bank will disburse the funds to the legal professional so the seller can be paid.
Going forward, your advisor can help with any changes you want to make to your mortgage, such as increasing the amount or frequency of your payments (some conditions apply). Advisors can also help you choose the right loan insurance to cover your payments if you find yourself in a difficult situation.
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TM Sagen is a trademark of Genworth Financial Canada, the mortgage insurance company.
TM Canada Guaranty is a trademark of Canada Guaranty Mortgage Insurance Company.
Get an edge over other buyers and guarantee your interest rate for 90 days with a mortgage pre-approval—it's free and there's no obligation to buy.
