Ask yourself what do you Want? And always begin with your needs
- How many bedrooms?
- What is your family size?
- What school districts?
- What down payment you can comfortably afford?
- What price range?
It is very important to be realistic when you start house hunting, such as what your budget is and how much monthly payment is comfortable. You don’t want to saddled with something you cannot afford.
Checklist for Open Houses
When you visit a house, you should consider these points:
- Any cracking on the walls?
- Any water marks on the ceiling?
- How’s the water pressure?
- How’s the roofing condition?
- Does the electrical panel use fuses or circuit breakers?
- What type of heating system?
Of course there are way more things that needs to be looked! Home inspection is essential.
Whether you are a first time home buyer or moving to a bigger house or downsizing, Our Home Buying Guide will take you through.
Get pre-qualified, be realistic, talk through, and choose a lender.
- There is a reason why we put this first. You need to find out how much you are qualified and how much the bank is willing to lend you.
- The Lender will look in to your income, credit scores, down payment and calculate your income and debt ratio.
- Mortgage pre-approval will be in writing and generally it is valid for 90 or 120 days with locked rate with conditions apply.
- Let the Lender know who is your Real Estate Lawyer.
- This step will help you to narrow your targets and find out what neighborhood , what size and just focus on searching a right home and eliminates the uncertainty of financing once you find your dream home.
Go online or in person start your house hunting.
- Let's grab a paper and write down what are the must haves and what is your nice to haves? And what are the absolutely Nots?
- What location?
- How far from work/school and all the surroundings?
- How many bedrooms?
- How many washrooms?
Make an offer, don’t be intimidated by bidding wars, negotiations, or paperwork
- Gladly we have DocuSign. As long as you have internet, with few easy clicks and you are done! No need to print, sign, and scan it and send it. We know your time is valuable.
Be ready with the closing process and consult with your lawyer.
- Your Lawyer will walk you through the transaction from beginning to end.
- If you don’t know, ask! Let's not get blind folded. It is better to find out and know early then later.
- Find a lawyer that is responsible, easy to reach out, and answer your emails and calls.
- Believe it or not, emergency situations might happen even on closing date. With a good team beside you, we will help you to reduce the stress and move quicker in to right directions.
Pre-approved Mortgages: As a buyer, you have qualified in advance with X amount of dollars by providing all the necessary documents that required by the bank. Many financial institutions provide pre-approved mortgages with locked up rate within certain period of time.
High-ratio Mortgages: Buyer’s with less than 20% down payment will still quality for a mortgage but with a insurance by Canada Mortgage and Housing Corporation (CMHC).
Be in mind to put some extra Dollars on the side for extra Expenses.
- Land transfer taxes may apply
- An appraisal fee
- Home Inspection
- Lawyer fee
- A high-ratio mortgage insurance premium
- Home insurance
- Moving expense
According to CMHC and GE Capital, one should have at least 1.5% of the purchase price for closing costs. On the safe side we say 2% - 2.5%.