Key Takeaways
- Mortgage pre-approval should happen before you start touring homes, not after you find one you like.
- A signed buyer representation agreement is required in Ontario before your agent can show homes or submit offers.
- Conditional offers (financing, home inspection) are the norm in a balanced or buyer's market and protect you from being locked into a bad deal.
- Closing typically takes 30-90 days after an accepted offer, depending on financing and the seller's timeline.
Step 1 — Get pre-approved, not just pre-qualified
A mortgage pre-approval from a lender or broker tells you your realistic budget and locks in an interest rate for a set period (often 90-120 days), which matters in a market where rates can shift. Pre-qualification is a rougher estimate and won't carry the same weight with a seller.
Step 2 — Choose an agent and sign a buyer representation agreement
Since TRESA came into effect, Ontario agents must have a written buyer representation agreement signed before showing you homes. Use this stage to ask about the agent's familiarity with the specific Mississauga neighbourhoods you're targeting — Mineola, Port Credit, and Erin Mills each have very different inventory and pricing dynamics.
Step 3 — Tour homes and build a shortlist
Your agent should be pulling comparable sales (not just active listings) to help you judge whether a home is priced fairly for its neighbourhood, condition, and lot.
Step 4 — Offer, negotiation, and conditions
A typical Mississauga offer includes price, deposit amount, closing date, and any conditions — most commonly financing and home inspection. In competitive multiple-offer situations, some buyers waive conditions, but this carries real risk and should be a deliberate, informed decision, not a default.
Step 5 — Conditional period and closing
Once an offer is accepted conditionally, you'll typically have 3-10 business days to complete inspection and finalize financing. After conditions are satisfied ('firmed up'), your lawyer handles title search, mortgage instructions, and the closing itself — commonly 30 to 90 days after the accepted offer.