Will my bank directly hand me the money for my mortgage?

In British Columbia, as in many other places, when you secure a mortgage to purchase a home, the lender typically does not hand you the mortgage money directly. Instead, the funds are usually transferred directly to the legal representative of the real estate transaction.

The process typically involves the following steps:

1. Mortgage Approval: After your mortgage application is approved, the lender will provide the funds to your lawyer or notary (whom you've hired to handle the legal aspects of the transaction).

2. Closing Day: On the closing day, your lawyer or notary will coordinate the transfer of funds. They will ensure that the mortgage funds, along with any other funds you are contributing (such as a down payment), are transferred to the seller's lawyer or notary.

3. Property Transfer: Once the funds are received, the legal transfer of the property from the seller to you is completed. This involves registering the property in your name at the Land Title Office.

It's important to work closely with legal professionals, such as a lawyer or notary public, during the home-buying process. They will ensure that all the necessary legal steps are taken, including the proper handling of funds, to complete the transaction smoothly.

Keep in mind that specific details may vary, and it's advisable to consult with a local mortgage professional or real estate lawyer who can provide guidance based on the specific regulations and practices in British Columbia.