It never hurts to see where you stand when it comes to buying a home, and a mortgage specialist will let you know what you can qualify for, or what you’d need to qualify for the home you plan to purchase. Outlined below is the entire process broken down into six steps.

STEP ONE: Not just how much but how much is enough. Work with a mortgage specialist to find out how much you qualify for and what you should budget for.

STEP TWO: Let the hunt begin. Work with your favourite realtor to find the perfect home for you.

STEP THREE: Accepted Offer: Your Realtor has worked for you to negotiate favourable terms and purchase price, and your offer has been accepted! Now you have the time laid out in the contract to remove subjects such as “subject to financing” or “subject to inspection” and need to work with the right professionals to ensure you’re satisfied and subjects can be removed.

STEP FOUR: Subject Removal: This is an important day. Your mortgage broker and realtor have been working diligently with you to make sure all your conditions can be removed safely. Usually, once the subjects are removed, you will have 24 hours to submit a deposit held in trust by the buyer’s real estate brokerage. Your mortgage should now be fully approved with all required documents signed off on by your broker and lender. Once you remove your subjects and conditions, your deposit becomes part of your down payment and is the owner’s property if you do not complete the transaction.

STEP FIVE: The Fine Print: Once you have finalized all your mortgage financing requirements, your official legal documents are off to the lawyer or notary. You will want to see them preferably a few days before the closing date so that all legal arrangements can be met in time. Your lawyer will compile all your closing costs and finalize the transaction.

STEP SIX: You’re home: On possession date, your realtor will meet you with the keys to your beautiful new home and a big warm smile. Congratulations!