1) Employ A Realtor
A crucial and initial step is to choose a real estate expert who would assist you to locate your dream home and adjust your financial anticipations.
2) Call a Mortgage Professional for the best rates and terms
If you call a mortgage professional for mortgage rates, you can get a rate that can really help you save a substantial amount throughout the span of a loan. A small variation of 0.5% can also become significant.
3) Prequalify for a loan
During the early stages, you would wish to become prequalified for a mortgage loan. This gives you the amount that you can afford. ( Be forewarned that a prequalification does not guarantee a loan as most prequalifications are only computer generated. Always when putting in an offer have it subject to financing approval.) This gives you the flexibility to search for the right home, particularly when there are so many keen buyers. The seller also realizes that you are sincere in purchasing the property and can afford it.
4) What are your needs
To make a practical outline of the property that you wish to buy. What are the must haves and what can you live without? Prepare two lists: one for the essentials and one for leisure. Update your lists as you go on house-hunting. Keep in mind that you can get a Purchase Plus Improvement Mortgage which would get you extra money to make improvements on the house you wish to buy.
5) Visit properties
Now you are prepared to visit properties. Make sure that you get a feature sheet of the properties you come across. Every time you go out to see more houses, update your notes to instantly get rid of any property that does not fulfill your requirements.
6) Understand the aspects that assist or hinder resale
In some locations, a swimming pool really takes away a part from the value of a home and it becomes more difficult to sell it. In areas with attached or two car garages, the future value and home buying potentials might be badly impacted by a single or one car garage. Your realtor can give you more information on these items as it relates to resale values.
7) Rank the houses you visit
Subsequent to visiting every house, jot down what you appreciated and what you did not. Prepare a ranking arrangement that clearly defines the home buying domain.
8 ) Make an offer
As soon as you have identified your dream home, the financial and legal aspect of home buying comes into play. Since the objectives of the home buyer and home seller are not the same, take the help of your agent for arriving at a positive outcome.
Prior to your date of closing, just ensure that you have done all essential deposits and finished the formalities such as title, mortgage , homeowner’s insurance.
9) Make arrangements for home inspection
Once the offer is accepted, but before the deal is finalized have the home inspected. That way if any expensive problems arise you can either walk away or renegotiate the price of the home.
10) Closing
Financing has been secured, home inspection went well, you are happy with the house. This is the step that you go to the lawyer and sign final documents, give lawyer cheque. The closing date is usually the same date as possession date, but not always.
11) Get ready to move into your new house
Before moving into your new house, phone hydro, gas company, telephone company, etc to set up a date for hook ups. Check fire alarms to make sure they work. Do the change of address at the post office for your new address. The best time for renovations is before you move in, try to get them done before by staying an extra month in your old place.
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| For a great mortgage. |
Angela Kroemer, AMP
Mortgage Professional
TMG The Mortgage Group Canada Inc.
TMG Sharie Marie Mortgage Team
Local: 1.250.650.4182
Fax: 1.888.679.0192
