It starts with a feeling.

A pre-approval gives your search a realistic starting point. It can help establish your budget and may hold an interest rate for a set period, but it is not a guarantee that the final mortgage will be approved.

The purchase price and down payment are not the only numbers to plan for. Legal fees, land transfer tax, title insurance, inspections, adjustments, property insurance and moving expenses can all be part of the bigger picture, and mortgage loan insurance with the Ontario tax on it may apply as well. I’ll help you think through them before they become surprises.

If buying a home is still a little further ahead, an FHSA or the Home Buyers’ Plan may help you prepare for the down payment. The rules, limits and tax implications are different for each and they change, so check the current details with the Canada Revenue Agency or your accountant before moving money. If you do not have an accountant, I am happy to introduce you to one.

The deposit shows that you are serious about the offer. It is held in trust and credited toward your down payment and the balance you provide on closing, so it is not an extra cost on top of the purchase price. The amount, payment deadline and where it will be held are written into the offer, so the funds need to be accessible when you are ready to buy.

The right inspections depend on the property. I’ll help you identify which ones may be appropriate and coordinate access. The inspector or specialist explains what they found, within the scope of their work, and you decide what it means for your purchase.

A pre-approval is about you. A firm financing approval is about you and the specific property you have agreed to buy.

Before a financing condition is removed, your mortgage professional should have reviewed the signed Agreement of Purchase and Sale, confirmed the lender’s approval and explained any conditions that still need to be satisfied. Even after approval, changes to your income, employment, debt or credit can put the financing at risk.

Once the purchase is firm, your lawyer takes care of the legal side of bringing it home. They review title, prepare the closing documents, handle the transfer of funds and register the property in your name.

Home insurance needs to be in place for closing, but some properties may require a little more time or information to insure. I’ll raise it early enough that it does not become a last-minute surprise. Your insurance representative confirms whether coverage is available and what it will cost.

Closing day does not always run on a perfect schedule, and the keys may not be available first thing in the morning. A little flexibility with movers, deliveries and your current home can make the day feel much easier.