Once you’ve decided to buy a new home, things can move pretty quickly. It’s important to have a firm grasp on your and/or your families needs when determining what you require in a new home, while taking into account your families size, desired location, income and lifestyle. Real Estate Agents are an excellent sources of advice and help in these matters. Not only do they have the experience and knowledge to make sure the choice you make will be the right one, but with access to the Multiple Listing Service® (MLS®), they can seek out suitable properties for you and provide you with a customized list of homes that meet your needs, wants and budget.
Our services include:
Buying a home is a big decision. Ask yourself 5 questions before you decide if you’re ready to own a home.
Also consider the many pros and cons of owning versus renting a home.
Are you financially ready to own a home? Look into these 5 calculations and questions before you meet with your broker or lender.
There are 2 affordability rules that determine how much you can spend on housing without risking your financial situation.
As a new homeowner:
You can explore your budget options with the mortgage affordability calculator.
You can still take several steps toward homeownership.
You need to meet with your broker or lender to start the mortgage pre-approval process. Bring the following information to the meeting:
A pre-approved mortgage tells you:
This isn’t a guarantee of final approval, but it can help you to narrow down your search. It will help you make decisions about affordability, neighbourhood and home type or size.
You do not have to spend your full pre-approved amount. Always consider possible changes such as loss of income, increased expenses or rising interest rates.
You can buy a home with a down payment under 20% of the purchase price, but you’ll likely need mortgage loan insurance. This protects banks and other lenders against the risk of mortgage default just like property insurance protects you in case of loss.
Think long term when buying a home. What kind of home do you need now? What will you need in 5 to 10 years?
Options vary slightly between provinces, but you can choose between the following ownership types in Canada:
If you’re considering a condo, make sure you review all the financial and technical audits for the condominium corporation to avoid surprises later on.
It’s important to have a team of experienced professionals to help you during the buying process. Take the time to check references before deciding who to work with.
Your homebuying team may include:
If you work with a real estate agent, they can usually refer you to other qualified professionals for your team.
When you’ve found the home you want to buy, it’s time to make an offer to the seller.
Your offer must include:
You should expect to negotiate. While the process can be stressful, it’s all about making the best deal for you and the seller.
Once your offer is accepted, return to your lender or mortgage broker to complete your financing.
In addition to the signed offer, you will need to bring:
You legally take possession of your new home on closing day. The final signings usually take place at your lawyer or notary’s office.
To complete the process, your lender gives your lawyer the mortgage money. You then give your lawyer the down payment (minus the deposit) and the closing costs (usually 1.5% to 4% of the purchase price).
Your lawyer or notary then: