Mortgage Blog

Getting you the mortgage you deserve

Your House-Closing Timeline: A Step-By-Step Guide | BC

June 7, 2021 | Posted by: Justin Emilio

The process of buying a house can be quite exciting. However, the process is laborious, and it can also be nerve-wracking, especially if you do not know what to expect at what stage. The process is long, and it involves multiple steps that have to be followed before closing a deal. In real estate, closing occurs when the final documents are signed to transfer property ownership from a seller to a buyer. Although every real estate deal is unique in some way, below are the general steps and timelines that you can expect once your offer letter has been accepted.

Negotiating the Offer: 1-3 days

Once you have found a house that you like and made an offer, the seller is going to review the offer and make a counter-offer. The negotiation is can take up to three days, and it should cover issues such as the closing day, the moving day, the escrow deposit amount, the inspection, and what is included in the purchase.

Escrow Deposit: 5-10 days

Once you have reached an agreement on the offer, you need to submit your earnest money deposit, also known as the good faith deposit. The money is meant to assure the seller that you are indeed interested in buying the property. The money will be held by an independent escrow agent, not involved in the transaction, and this will ensure that your money is safe even if the deal falls through for some reason.

Title Search and Title Insurance: 10-14 days

A title search is meant to assure the buyer that a house belongs to the person who is selling it. The search will also enable you as a buyer to determine if there are any issues with transferring the property. Title insurance is meant to ensure that the buyer is protected against financial losses that may occur when issues, such as unpaid property taxes, are discovered later on.

Home Inspection: 1 Day

After agreeing to sign the final offer from the seller, you need to schedule a home inspection as soon as possible. A home inspection is often seen as optional, but it is absolutely important. It will enable you to learn more about the house you are about to buy. If the home has some minor defects, you can request the seller to do the necessary repairs before you can close the deal. If you are not sure of what you need to consider during a home inspection, you can ask for your realtor's assistance.

Finalizing the Purchase Agreement: 1- 3 days

Once you have seen the house and you are satisfied with its condition, you can go ahead with finalizing the purchase agreement. The agreement must be signed by both the home buyer and seller.

Completing Your Mortgage Application: 1 day

After signing the purchase agreement, you need to make an appointment with your loan provider to complete your mortgage application. Your loan officer, who is most likely a mortgage professional, will help you with the necessary paperwork and ensure that your application is promptly sent forward for final approval.

Ordering an Appraisal: 5 to 10 Days

After completing the mortgage application, the lender will need an appraisal on the property to determine its value. The mortgage company needs the results of the appraisal to determine if the mortgage is acceptable. Therefore, once the appraisal is done, your loan is going to move a step closer to getting approved.

Receiving the Final Loan Approval: 2-4 weeks

Once you have submitted your mortgage application, you can expect a final loan approval within a month. After receiving the approval, you can start the countdown to the closing date.

The closing day is going to be a big event. Once all the checks have been submitted and all the necessary documents signed, the house is going to be transferred to your name, and you will officially become a proud owner of a new house.

The Bottom Line

As you can see, the process of closing a real estate deal is quite long. The good news is that if you know what to expect at every stage, there will be nothing to be nervous about. But even before you can even start shopping for a house, you need to get a mortgage preapproval. This will help you determine how much mortgage you can afford based on your assets, disposable income, and credit score. It will also help you know the category of homes you should be looking for, depending on their market prices. Get in touch with a reliable realtor or mortgage professional for more information on what to expect.

Back to Main Blog Page


10 Things to Know About the Offer Process

A Six-Step, Back to Basics Financial Plan for Most Every Canadian

Canada's Inflation at 6.9% in October Supports a December Rate Hike

10 Important Questions to Ask Your Contractor

First-Time Homebuyer Tips

Bank of Canada Slows Pace of Rate Hikes

Bank of Canada Rate Update October 26, 2022

Best Ways to Plan for Your Down Payment

Bank of Canada Will Not Be Happy With This Inflation Report

Common Mistakes That House Flippers Make & How to Avoid Them

Credit Clean-Up!

Understanding Mortgage Trigger Points

Canadian Inflation Slows For the Second Consecutive Month

How Mortgage Rates Affect Buying Power?

Bank Of Canada Rate Update September 7, 2022

September 7th BoC Rate Hike

Adapting Your Finances

5 Reno’s With the Best ROI

Should You Pay Off Your Mortgage Early?

Gasoline Prices Dipped, But No Time To Celebrate

How Many Homes Should You View Before Buying?

Looking to buy your first home in BC? Here are programs that can help you with that goal

Breaking Your Mortgage Without Breaking The Bank - How Mortgage Penalties Are Calculated

5 Things to Consider When Building Your Own Home

Canadian Inflation Surged to 8.1% in June

Bank Of Canada Rate Update July 13, 2022

Tips for Buying Rental Investment Properties

Inflation, Interest Rates & Locking In

New to Canada?

5 Negotiation Secrets Smart Buyers Use to Get Better Deals

Bank Of Canada Rate Update June 1, 2022

Another Jumbo Rate Hike, Signalling More To Come

Dreaming of a Home Away From Home?

Reverse Mortgages and What to Know

How a Mortgage Pre-Approval Can Protect You from Rising Rates

Purchase + Improvements Mortgages

How is a Private Mortgage Different Than a Traditional Bank Mortgage

Have You Had Your Mortgage Check-Up?

Purchase Plus Home Improvements?

Home-Buying 101: A Guide to Purchasing Your First Home

Bank Of Canada Rate Update April 13, 2022

From tax breaks to homebuyer incentives, how the 2022 federal budget affects Canadians’ wallets

5 Benefits of an Investment Property

Preparing for the Spring Market

Refinancing: What You Should Know

Tips for Picking the Right Home to Flip

Bank of Canada Starts Hiking Rates, Signalling More To Come

The Difference Between Bank of Canada Rate and Prime Rate

Bank Of Canada Rate Update March 2, 2022

Can Housing Upgrades Affect Your Insurance?

What to Look for During a Home Tour??

Understanding Insurance

Rent to Own Homes vs. Mortgage: How Do They Work?

Improving Your Financial Direction

Bank Of Canada Rate Update January 26, 2022

Top 10 Questions to Ask Your Mortgage Broker in BC

How Much of A Mortgage Can You Afford?

Housing Market Predictions


Prequalification and Pre-Approval—What is the Difference? Home Buying in BC

Bank Of Canada Rate Update December 9, 2021

Selling Your Home in Winter

Mortgages for the Self-Employed

What to do if You Are Denied a Mortgage

How to Know if it's Time to Refinance

7 Steps for Mortgage Prep

Up for Renewal??

Bank Of Canada Rate Update Oct 27, 2021

Five Great Benefits of Owning an Investment Property

What Is Home Equity and How Can I Build It?

Why Invest in a Home Inspection

Low Credit is Spooky! Get Better Credit With The 5 C’s

Fall Home Tips

How to Handle a Low-Ball Offer in Real Estate | Home Selling Advice

5 Approval Roadblocks You Should Know

How to Talk to Your Kids about Finances

Bank Of Canada Rate Update Sept 8, 2021

What are credit scores and how are they important?

Getting a Mortgage as a Student

What Happens if You Lose Your Job Before Closing?

How a Funding Condition Can Secure Purchasers From Financial and Legal Penalties in BC

Bank Of Canada Rate Update July 14, 2021

Risks of Putting Down a Firm Offer with a Pre-Approval BC

Low Rates in BC Helping Buyers Pay Off Their Mortgages at Record Pace

Buying Land To Build A Home in BC

Bank Of Canada Rate Update June 9, 2021

Your House-Closing Timeline: A Step-By-Step Guide | BC

What Are the Next Steps After Your Offer Was Rejected? In BC

Investing In An Apartment Complex

2021 Mortgage Stress Test - Latest Updates

Things To Look Out For When Viewing A Property

April 21-2021 - Bank of Canada will hold current level of policy rate until inflation objective is sustainably achieved, adjusts quantitative easing program

Stress Test 2021

April 2021-Bank of Canada Releases Results from Consultations on Inflation and Monetary Policy

Buying A Home As A Senior Citizen | BC

Top 10 Considerations When Moving to a New Area

Multi-Family Lending: What You Need To Know About Hard Money Loans

Why Borrowers May Choose a Private Mortgage

How to Handle a Mortgage After a Separation or Divorce

How Good vs Bad Debt Impacts Your Household

Benefits of Investing in Multi-Family Real Estate


Top 3 Biggest Home Seller Mistakes

3 Tips on How to Better Your Credit Score

Renting VS Buying a Home

Five Tips for Buying a Condo

Cons of For Sale By Owner (FSBO)

Real Estate 101: Getting Your Home Ready To Show

Tips for Real Estate Investors

Reverse Mortgages – Impact on Heirs

Advice for First-Time Home Sellers

Top 3 Home Improvement Ideas to Increase the Value of Your Home

5 Things NOT To Do When Selling Your House

Home Inspections, How They Can Benefit Home Buyers and Sellers

Useful Tips for Buying and Selling A Home During Covid-19

When Is Mortgage Refinancing a Bad Idea?

Is it a Good Time to Become a First-Time Home Buyer?

5 First-Time Homebuyer Mistakes To Avoid

5 Smart Ways to Use a Home Equity Line of Credit

What should you consider when refinancing your mortgage?

6 Signs a Home Will Likely Increase In Value

6 Persistent Real Estate Myths You Really Need to Ignore

Should You Pay Off Your Mortgage Early?

New Stress Test On Insured Mortgages

Real Estate 101: Essential Tips for First-Time Home Buyers

10 Essential Tips for Taking Out Your First Mortgage

Should You Refinance Your Mortgage?

Should You Spend the Full Mortgage Amount You're Approved For?

Take Advantage of Low Interest Rates – Refinance Your Mortgage Today!


Strategies to Dig Yourself Out of the Debt Hole

Why You Need an Emergency Fund And How to Get One

The Benefits of Investing in Income Producing Properties

4 Hidden Problems That Could Be Hurting Your Home Sale

users image

Hi, How can I help you?