Get familiar with the process
The steps to buying a house may seem overwhelming, but once you're familiar with the timeline, and what is required, it's easy to see how they all fit together. Consider the following:
Determining your budget
Use tools like our mortgage affordability calculator to assess how much you can afford based on your income, expenses, down payment, desired mortgage term, and current interest rates.
Speak to a mortgage advisor
Consult with a CIBC mortgage advisor to explore your mortgage options and what makes sense for you based on your broader financial goals. Using our pre-qualification tool can also provide an estimate on how much you may be able to borrow to purchase a house.
Getting pre-approval
Your CIBC mortgage advisor can help you with a pre-approval which confirms the mortgage amount you may qualify for. This can strengthen your offer when house hunting.
House hunting with a realtor
Work with a licensed real estate agent to find properties that match your budget and preferences. They can provide insights into local market conditions and help negotiate terms.
Making an offer
When you find a home, your realtor will assist in making an offer. They'll negotiate on your behalf to reach mutually agreeable terms with the seller.
Getting an inspection
Ensure a thorough home inspection is conducted by a qualified home inspector to identify any issues or repairs needed. This step is crucial for ensuring the property is in satisfactory condition before finalizing the contract.
Financing and the mortgage process
Finalize your mortgage application with your CIBC mortgage advisor. They will guide you through the next steps of the process including documents required such as income verification and property details.
Closing (and moving in)
Closing is the final step before the keys are yours, and simply involves the legal and financial transactions necessary to transfer ownership. This usually includes signing documents, paying closing and legal costs, and arranging for property insurance. Once complete, you can begin moving into your new home.
