Milford Ridge Mortgage Guide

Mortgage Guide

Our Comprehensive 11-Step Mortgage Guide

Embarking on the journey to homeownership is an exciting endeavor, yet navigating the intricacies of the mortgage process can be daunting. At Happy Cove Building Contractors Limited, we’re dedicated to supporting potential homeowners every step of the way, providing the guidance and information necessary to navigate the process seamlessly.

Get Pre-approved

Secure pre-approval for your mortgage application from a reputable financial institution. This step determines your eligibility and the amount you’re qualified to borrow.

2. Select your lot and pay your deposit.

Choose your desired lot and initiate the purchase process by paying the deposit. Please ensure to bring along your pre-approval/eligibility letter, photo identification, and TRN card/letter.

3. Receive Your Initial Package

Your initial package, comprising crucial documents such as the Agreement for Sale, Property Owners’ Management Agreement, and Instrument of Transfer, will be meticulously prepared and dispatched to you.

4. Sign and Return Contracts

Review and sign all copies of the contracts included in your package, then promptly return them to our Happy Cove Building Contractors office.

5. Collect Your Package

Upon completion of the documentation process, collect your package. If applicable, submit your mortgage application to a reputable local financial institution for approval within the stipulated timeframe.

6. Arrange Own Resources (if applicable)

If utilizing personal resources for the purchase, ensure the issuance of a letter of hypothecation or undertaking within the specified timeframe outlined in your Agreement for Sale.

7. Receive Mortgage Approval

Once your mortgage application is processed and approved, your Mortgage Company will issue approval in the form of a Letter of Commitment and Letter of Undertaking to our Attorneys. You will be promptly notified of any potential shortfall.

8. Address Shortfall Amount (if applicable)

If utilizing personal resources for the purchase, ensure the issuance of a letter of hypothecation or undertaking within the specified timeframe outlined in your Agreement for Sale.

9. Payment and Completion

If utilizing personal resources for the purchase, ensure the issuance of a letter of hypothecation or undertaking within the specified timeframe outlined in your Agreement for Sale.

10. Possession and Inspection

Schedule possession and inspection upon receipt of final payments. Keys will be delivered promptly upon completion of these formalities.

11. Finalize and Collect Keys

After completion of the unit and confirmation of receipt of mortgage proceeds by our Attorneys, collect your letters of possession and keys, marking the culmination of your homeownership journey.