Moving Tips
Moving day doesn’t have to be stressful, as long as you’re properly organized. Just follow these simple tips and your moving day will be a breeze.
Your lawyer will be your go-to contact to confirm the time and date when you can pick up the keys to your new home. Make sure to touch base with her before you book your moving company to avoid any mix ups!
There’s nothing worse than scrambling at the last minute to find a moving company. Get a head start and book at least 3 months in advance of your move in day to ensure that everything goes smoothly.
There’s a lot of things to keep track on moving day, so the last thing you’ll want to worry about is keeping an eye on your young children or pets. We recommend booking a sitter for the day, so you can focus on getting the move done right.
When moving all your worldly possessions, it’s easy for things to get lost in the mix. We advise making a list of everything you’ll need.
Your kids will need to be registered for the new school in your area if you want to avoid any interruption in their education. Make sure to call your local school board to communicate.
There’s nothing worse than being without internet, cable, phone and electricity when you move in. Make sure to contact your utilities in advance of moving day to have everything up and running as soon as possible.
Construction Timeline
So you’ve finally bought your home, and you’re probably wondering what to expect in the coming months. Here is a quick timeline of the construction process that can help you plan for the day you can finally move into your new home.
After servicing your home site (with power, water and other utilities), we then lay the foundation and prepare for framing.
Once the exterior is finished, we install partitions and drywall, complete electrical, mechanical and plumbing.
At this stage we seal your home from the elements and finish the exterior construction.
At this stage we install flooring, cabinetry, bathroom fixtures and paint interior walls.
We carefully go over your home to make sure that everything has been completed to our high quality standards.
Your home is now ready to be enjoyed.
Glossary
Moving day doesn’t have to be stressful, as long as you’re properly organized. Just follow these simple tips and your moving day will be a breeze.
This is a mortgage where the interest rate changes periodically, usually once or twice a year.
The paying off of debt with a fixed repayment schedule in regular installments over a period of time.
An estimate of the fair market value of a land parcel and any structures on that land at a given point in time.
Property Assessment is the process of establishing a dollar value for property for property tax purposes.
Available to current homeowners, a bridge loan allows someone to make down payment and pay closing costs on a new home before selling the home they currently own.
A mortgage-financing technique with which the buyer attempts to obtain a lower interest rate for at least the first few years of the mortgage, but possibly its entire life. The builder or seller or the property usually provides payments to the mortgage-lending institution, which, in turn, lowers the buyer’s monthly interest rate and therefore monthly payment.
The upper possible limit for interest rates on an adjustable rate mortgage; applies to each adjustment or over the life of the mortgage.
The final step after a lender approves an application. The homebuyer and lender sign the security-agreement note for the mortgage loan, which states all the terms and conditions of the loan. Then, the funds for the loan are turned over to the homebuyer’s closing agent.
Usually an attorney or title agency representative who oversees the closing and witnesses the signing of the closing documents.
Closing costs are various expense that the buyer must pay after purchasing a home, including things such as legal fees, mortgage insurance, homeowner’s insurance, prepayments for property taxes, etc.
This is the day that you get the keys to your new home and take possession of the property. This is also the date that your deed and mortgage are recorded at the registry office.
The financial disclosure statement that accounts for all of the funds received and expected at the close of your home.
A crown corporation that provides mortgage loan insurance to lenders for home buyers with a down payment of less than 20%, to as low as 5%. However, this is not to protect the buyer, it is used to protect the lender. CMHC insurance guarantees the bank or credit union that it will not lose money on this high ratio mortgage.
A binding, written pledge, by the lender to a mortgage applicant, to make a loan, usually under certain stated conditions.
A condition that must be met, such as selling your current home, before your contract to purchase a new home becomes binding.
A mortgage-secured loan that is not insured or guaranteed by a government agency such as CMHC.
A provision that allows you to change an adjustable rate mortgage to a fixed rate, usually set at the prevalent interest rate and for an additional fee.
A report issued by an independent agency that contains information about your credit history and current credit standing.
A rating that indicates a mortgage applicant’s credit worthiness. It is one of the pieces of information used when determining whether to grant you a mortgage.
A formula lenders use to determine what size loan you can qualify for.
A legal document that transfers real property from seller (CountryWide Homes) to buyer (you).
The initial lump sum (usually 5% to 20% of the sale price) which must be paid in cash by the buyer upon purchasing a new home.
The value of a property exceeding the amount that is left owing on your mortgage.
A procedure in which a third party acts as a stakeholder for both you and the home seller. The escrow agent performs tasks such as carrying out closing instructions and assuming responsibility for paperwork and funds.
A temporary pass through account held by a third party during the process of a transaction between two parties. This is a temporary account as it operates until the completion of a transaction process, which is implemented after all the conditions between the buyer and the seller are settled. In real estate, the fund flows for the development of the project from any source is kept in the escrow account and the funds utilised for the same are also generated from the escrow account. The buyers of the housing units in a project transfer the home price to the escrow account and the amount is not transferred to the seller until the project is completed.
A loan with an interest rate that remains the same for the entire repayment term.
This term is used when a mortgage applicant chooses not to secure a rate lock, but instead allows the interest rate to fluctuate until the applicant decides to lock in, usually no later than five days prior to closing.
Also known as the housing expense-to-income ratio, it compares your proposed housing payment (PITI) to your total household gross monthly income.
The amount charged on mortgages to cover administrative costs.
The buyer of a deed, (i.e. the homebuyer)
An approximation supplied by the lender of all your closing costs.
The seller of a deed (i.e. The builder)
The home mortgage representative a homebuyer initially consults about a mortgage loan. Sometimes called a loan officer, account executive or sales representative.
A real estate insurance policy required of the buyer protecting the property against loss caused by fire, some natural causes, vandalism, etc. May also include coverage such as personal liability and theft.
A room-by-room tour of your new home, during which we provide helpful product and warranty information and familiarize you with the working functions of your home.
A percentage of the mortgage amount that is paid to the lender for the use of the money, usually expressed as an annual percentage.
The interest that accrues, on a per-diem basis, from the day of closing until the end of the month.
A description of real property that usually refers to recorded maps, surveys and other public documents to designate the location of the property.
These are terms under which the lender agrees to make the loan. They include the interest rate, length of loan agreement and any requirements the borrower must meet prior to closing.
The conclusion of the mortgage transaction. This includes the delivery of a deed, the signing of notes and the disbursement of funds necessary to the mortgage loan transaction.
The ratio of the amount borrowed to the appraised value or sales price of real property expressed as a percentage.
A benefit that the builder may offer homebuyers, freezing the interest rate for their loan for a certain period of time.
An insurance policy which will repay a portion of the loan if the borrower does not make payments as agreed upon in the note. Mortgage insurance may be required in cases where the borrower makes less than a 25% down payment on the home loan.
The mortgage company employee responsible for collecting the completed application and all supporting documents before the entire loan packet is submitted to underwriting.
The Lender.
The Borrower.
A mortgage-secured loan program that offers approval guidelines which are not industry standards. It may, for example, have different loan limits than conforming loans, but may offer financing in conforming and jumbo amounts.
The agreement which states the home mortgage amount to be borrowed and the terms and conditions of the loan. It also includes a complete description of how the loan should be repaid and the time frame for the repayment.
Principal, Interest, Taxes and Insurance; a quick way to reference your combined monthly house payment.
Anything you own (such as furniture, stocks, bonds, etc.) that is not land or permanent improvements affixed to the land.
A written authorization allowing a selected individual to perform specified acts on your behalf.
A report from the title company regarding the current condition of title on the property you intend to purchase.
A fee imposed for paying off part or all of a loan before its maturity.
The amount of a loan, excluding interest; or the remaining balance of a loan, excluding interest.
A written document confirming your decision to buy your new home and the builder’s decision to sell under stated terms and conditions.
The limit of how much the interest rate may increase on an ARM at each adjustment and over the life of the loan.
The borrower and the lender agree to protect the interest rate, points and term of the loan while it is processed.
A list of the money paid out and received by the buyer (you) and seller at closing.
The Regulator of the new home building industry in Ontario, and in this role that licenses all new home and condominium builders in the province and ensure that all new homeowners receive the new home warranty coverage that they are entitled to by the law.
The process of a lender reviewing the application, documentation and property prior to rendering a loan decision.