From Pre-Approval to Possession: A Timeline for Buyers
Purchasing a home is one of the most significant financial and personal decisions you'll ever make. Whether you’re a first-time buyer or simply someone who values a clear roadmap, understanding the homebuying process—from pre-approval to possession—can ease anxiety, improve decision-making, and help you stay organized throughout the journey.
Below is a step-by-step timeline tailored to British Columbia’s housing market, designed to help you feel confident from start to finish.
1. Book a Mortgage Strategy Call (2–6 Months Before You Plan to Buy)
The earlier we connect, the better. A mortgage strategy call gives us the opportunity to review your current financial situation, outline your goals, and create a clear, customized path forward. Whether you’re months away from buying or just starting to explore the idea, this step lays the foundation for smart decision-making.
What we’ll cover:
How much mortgage you may qualify for
How to strengthen your application (if needed)
A realistic overview of what you can comfortably afford
2. Secure a Mortgage Pre-Approval (1–3 Months Before House Hunting)
A pre-approval is more than just a rate quote—it’s a preliminary commitment from a lender based on your income, credit, and financial profile. It not only helps you set a clear homebuying budget but also strengthens your position when submitting offers.
Why this matters:
Shows sellers you’re serious and financially prepared
Locks in an interest rate (usually for 90–120 days)
Reduces stress when the right property becomes available
3. Begin House Hunting with a Realtor (Timing Varies)
With your pre-approval in hand, your realtor can help you begin your search with focus and clarity. From comparing neighbourhoods to navigating competitive offers, your realtor plays a key role in helping you find a property that aligns with both your budget and your lifestyle.
Note: This phase can move quickly or take a few months, depending on your goals and the current market conditions.
4. Make an Offer and Apply for Mortgage Approval
Once you’ve found a home and had your offer accepted, we submit your file for conditional mortgage approval. At this point, the lender will request property details and may ask for updated financial documentation.
What to expect:
Submission of MLS listing and appraisal
Review of financing, strata documents (if applicable)
Removal of any subject conditions (e.g., financing or inspection clauses)
5. Receive Final Approval and Sign Mortgage Documents
After all conditions are satisfied, your mortgage moves to final approval. We’ll review the full commitment together so you understand the details, from your rate to prepayment privileges and penalties.
Once finalized, you’ll sign your official mortgage documents—typically through your broker or the lender directly.
6. Meet with Your Lawyer or Notary (1–2 Weeks Before Possession)
Your lawyer or notary public will prepare the legal documents required to complete the sale, transfer title, and register the mortgage. This is when your remaining down payment and closing costs are finalized and disbursed.
You’ll need to bring:
Two valid pieces of ID
Any outstanding funds required to complete the purchase
7. Possession Day
Congratulations—this is the day you receive the keys to your new home! Your realtor will coordinate the key exchange, and you officially become the property’s legal owner.
Time to celebrate, move in, and begin the next chapter of your life.
Final Thoughts
The homebuying journey doesn’t have to feel overwhelming. With a structured plan and the right professionals supporting you, the process can be smooth, informed, and even enjoyable.
If you’re thinking about buying in the next few months, now is a great time to start planning. I’m here to guide you through every step of the process with clarity and care.