First-Time Homebuyer? A Brief Guide on How to Survive the Closing and Mortgage Selection Process

Marci • June 2, 2014

Buying a home is one of the biggest decisions you’ll make, and likely the largest purchase of your lifetime. With that being said, you should make sure that you remain aware and conscientious throughout the home buying and mortgage selection process. If you’re a first-time homebuyer, you’ll need some basic information in order to ensure that the process goes as smoothly as possible. Here’s your brief guide on how to survive and thrive in your closing and mortgage process of Vancouver real estate.
First-Time Homebuyer_ A Brief Guide on How to Survive the Closing and Mortgage Selection Process

Mortgage Pre-Approval: Best Before You Commence Your Search

Before you actually start searching for home, you need to figure out one key piece of information: how much you can afford. Sometimes, buyers believe they can afford a particular price and they start home shopping before they are pre-approved for a mortgage, only to later discover that they can’t get financing for that amount. To avoid this, make sure you get pre-approved for your mortgage in Vancouver, and make a visit to your mortgage broker before you commence your property search.

Negotiations: Remain Calm and Have a Plan B

Once you’ve found the house you would like to purchase, you’ll enter into another realm that will put you one step closer to having keys in your hand: negotiations. This can be a stressful time, and one that can also take longer than many buyers expect, so it is important to remain cool and calm. During this time, rely on your real estate professional for the proper advice, and if possible have a plan B—i.e., another home you’d consider purchasing if an agreement can’t be reached on the first.

Mortgage Selection: Do Your Research Beforehand

Once you have found your future home and negotiated on the price with an accepted offer, one of your conditions on the contract will likely be to get approved for financing. This is when you will be presented with different mortgage options from your mortgage broker. By this time, you should have done your research to determine whether you feel most comfortable with a fixed or variable-rate mortgage. Once the home price is established, your broker will be able to give you a determined mortgage cost, and you will be able to make an educated, thought-out decision.

Home Inspection: Caution Versus Acceptance

During your home inspection, be sure to remember one piece of critical information: there will virtually always be deficiencies found in any home, even if it’s brand new. With that in mind, use your common sense and rely on your realtor and home inspector to help you remain both cautious and accepting.

Final Walk-Through: Ensure Contractual Rights Are Met

The last step before you get keys and move into your new home is to do a final walk-through. This is when you will ensure that the home is in the same condition as it was when you viewed the property, and that any additions, changes, or updates included in the contract have been completed by the seller.

Though the process of buying your first home can be overwhelming and stressful, it can also be a lot of fun, especially when dealing with trusted professionals. Hire the realtor and mortgage broker that are right for you, and be sure to make the most of this life milestone. For more specified information on how to survive your unique closing and mortgage selection process, contact us via email today.

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How Property Type and Condition Influence Mortgage Financing

By Marci Deane • September 30, 2026
Why the Property Matters When You’re Qualifying for a Mortgage When qualifying for a mortgage, lenders typically look at four core areas: Income Credit Down payment or equity The property itself Most buyers focus heavily on income, credit, and savings—and for good reason. But even if those boxes are checked, the property can still determine whether a mortgage is approved. Why Lenders Care About the Property From a lender’s perspective, the property is the collateral for the mortgage. In the unlikely event of default, they need to know the home can be sold quickly and at fair market value to recover their funds. Because of this, lenders are careful about the condition, value, and marketability of any property they finance. Homes that are in poor repair, unconventional, or overpriced can raise red flags—even when the borrower is well qualified. Appraisals Are Always Part of the Process Every mortgage requires an appraisal to confirm value. Insured mortgages (through CMHC, Sagen, or Canada Guaranty) often use an automated valuation model completed online. Conventional mortgages typically require a full, on-site appraisal by a certified appraiser. This appraisal is not optional and happens after an offer is accepted—not at the pre-approval stage. Why Pre-Approvals Aren’t a Guarantee A pre-approval is a great first step, but it only assesses you, not the property. Once you’ve made an offer, the lender must approve the specific home you’re buying. Understanding this upfront helps avoid surprises and confusion later in the process. The Risk of Buying Without a Financing Condition In competitive markets, buyers sometimes remove financing conditions to strengthen their offer. However, this comes with risk. If the appraisal comes back low—or the lender is concerned about the property’s condition—you could be denied financing after the offer is firm. In that scenario, your deposit may be at risk. Buying a Home That Needs Work If you’re considering a property that isn’t in perfect condition, there are solutions. A purchase plus improvements program allows you to buy a home and include renovation costs in your mortgage. The process is structured and requires planning, but it can be an excellent way to turn a fixer-upper into a great long-term investment. Final Thoughts Mortgage approval isn’t based solely on your finances—the property matters just as much. Knowing this ahead of time helps you make smarter offers, reduce risk, and plan more effectively. If you’re buying a property that needs work or want clarity on how a lender may view a specific home, feel free to reach out. I’d be happy to walk you through your options and help you plan with confidence.

What You Need to Know About Mortgages and Parental Leave

By Marci Deane • September 23, 2026
If the title of this article caught your attention, chances are your family is growing. Congratulations. If you’re thinking now is the right time to move into a home that better fits your growing family—but you’re unsure how parental leave affects your ability to qualify for a mortgage—you’re in the right place. Here’s the good news. Qualifying for a mortgage while on parental leave is possible when it’s done correctly. When you work with an independent mortgage professional, lenders can often qualify you based on your return-to-work income , as long as you can provide documentation confirming you have guaranteed employment waiting for you. A word of caution If you walk into a bank branch and disclose that you’re currently on parental leave, there’s a chance the bank will only allow you to qualify using your parental leave income. That can significantly reduce your borrowing power. Parental leave income is typically limited to 55% of your previous earnings, up to a weekly maximum. Qualifying on that amount alone can restrict your options and impact the type of home you can purchase. Why lender choice matters One of the biggest advantages of working with an independent mortgage professional is choice . You’re not limited to one lender’s rules or products. Some lenders will allow you to qualify using 100% of your confirmed return-to-work income , which can make a meaningful difference in your approval amount and overall options. What you’ll need to qualify Most lenders will require an employment letter that includes: Employer name (preferably on company letterhead) Your job title Original start date (to confirm probation has been completed) Confirmed return-to-work date Guaranteed salary upon return Lenders want reassurance that your income will resume once parental leave ends. You may also be asked to provide income history from the past couple of years, which is standard for most mortgage applications. One important note Whether or not you actually return to work after parental leave is entirely your decision. From a mortgage perspective, qualification is based on having a confirmed position available to you at the time of approval. If you have questions about qualifying for a mortgage while on parental leave—or anything mortgage-related—please connect anytime. I’d be happy to walk you through your options and help you plan with confidence.

Need Funds Between Buying and Selling? Here’s How Deposit Loans & Bridge Financing Help

By Marci Deane • September 16, 2026
You’ve outgrown your current home. It no longer fits your life, so moving makes sense. And you’re not interested in juggling two properties. Selling first and buying something new feels like the right move. Ideally, you want possession of the new home before leaving the old one. That overlap makes moving easier, reduces stress, and gives you time to paint, renovate, or settle in before the boxes arrive. But there’s a common challenge. What if the down payment for your next home is tied up in the equity of the one you’re selling? That’s where bridge financing comes in. How bridge financing works Bridge financing temporarily unlocks equity from your current home once it has a firm sale . It bridges the gap between selling your existing property and purchasing your next one, allowing you to use that equity toward your down payment. What about competitive markets? In a hot market, a strong offer often means a larger deposit . If you don’t have that cash sitting in your account, but you do have equity, a deposit loan can help you compete with confidence. The non-negotiable requirement To qualify for bridge financing or a deposit loan, your current home must have a firm, unconditional sale . No firm sale = no bridge or deposit loan. Lenders need certainty to calculate available equity and manage risk. Bottom line A firm sale is the key that unlocks bridge financing and deposit loans. If you’re planning a move and want to understand how these options could work for you, let’s talk. I’m always happy to walk you through your options and help you plan your next step with confidence.