To begin please take a few minutes to fill out our Home Search Questionnaire with your home purchase requirements or contact us immediately. We will sit down with you and discuss the complete buying process. We will go over your “Home Wish List“, financing, building inspections, and the actual “Offer to Purchase“. Our goal is to make buying a home an enjoyable and exciting experience andwe will be there to guide you through every step of the process.
If you have decided to buy a home, here are a few things to consider:
- The first thing to do, even before you start looking for a home, should be to arrange for a pre-approved mortgage. That way you’ll know what you can afford and you can negotiate your purchase in confidence.
- Make sure you’ve got enough to cover fees and closing costs. These may include the appraisal fee, loan fees, attorney’s fees, inspection fees and the cost of a title search. They can easily add up to $5,000 to $7,000 — and often run to 5 percent of the mortgage amount.
- Because of the high costs of buying and selling, unless you’re planning to stay in your home for at least 4 to 5 years it may not be a wise decision. Of course there have been times when the real estate market has increased so quickly, it would have paid handsomely to buy and sell over one year.
- Be sure to research the area in which you’re looking. Talk to neighbours. Visit schools. Check on future development. That beautiful wooded area across the street could be slated for a shopping mall. In a nutshell, you want to be aware of and consider all issues that could affect the resale price.
- Always use a home inspector before you make an offer. And always do a walk-through the day before the close to ensure that all is as it should be.
Home Buying Checklist
- Is the neighbourhood quiet, safe and clean?
- Are the streets well lit at night?
- Are there adequate day-care facilities?
- Are the streets and sidewalks well maintained?
- Does the type of residential zoning meet your present and future needs?
- Does the value of the property in the area tend to increase,decrease or remain stable?
- Are there active community and cultural associations?
- Are there schools located conveniently in the area?
- Is there convenient public transportation to these schools?
Place of Work
- Is the home you are considering located within travel distance of your place of work?
- Is there public transportation?
- Is there alternative employment available in the area?
Recreation and Shopping
- Is there a shopping centre or grocery store nearby?
- Will you have easy access to other shopping facilities?
- Are there supervised playgrounds in the neighbourhood?
- Are there recreational and cultural associations in the area?
- Is the police/fire station nearby?
What a Lender Wants from You
Lenders require specific financial information about you and your co-buyer to assess your ability to repay the loan.
Here’s a list of things they’ll need:
- Personal information – age, marital status, dependents, etc.
- Financial information – details of employment, including proof of income (t-4 slips, notice of tax assessments, financial statements or letter from your employer stating your position and income) other sources of income – for instance, pension or rental income
- Current banking information
- Verification of your down payment
- Your consent to run a credit investigation
- A list of your assets, including property and vehicles
- A list of liabilities for example, credit card balances, car loans – the total amount you owe and your monthly payment amounts.
- An appraisal or copy of a valid appraisal report if one was recently done
- All documents related to the home purchase – copy of the listing, copy of the agreement to purchase and sale on resale home
- Plans and cost estimate on a new home, if being constructed
- Condominium financial statements, if applicable
- A certificate for well and septic, if applicable (i.e. rural property)
With you approval, the lender will check your credit rating with a credit bureau report. you may want to check your rating in advance to ensure that no erroneous information is recorded in your file. Contact Equifax at 1-800-465-7166.
Some Useful Buyer Links… ( see more useful resources here )