Get Yourself Ready!
Buying a home can be very exciting and sometimes complicated! Be ready to ask lots of questions of everyone involved!
Shop Around for Mortgage financing—Meet with both mortgage brokers and bankers to get the best deal. A mortgage broker may have more financing sources to offer you.
Mortgage lenders review your income, expenses, debt and credit history and give you a preliminary estimate for how much you can borrow for a mortgage and at what cost. Let your realtor know what you are “pre-qualified” for.
Down Payment Gifting–-some or all of your mortgage down payment may be gifted by your family for a primary home purchase.
Ask your lender about this and talk to your family. A standard down payment is 20% of the purchase price. Some lenders allow less than 20%, but there may be additional requirements.
If You Are A First Time Ontario Homebuyer, you may qualify for assistance programs and/or tax credits. Always ask your lender, realtor, and accountant.
Your 5 Year Plan!
Giving some thought to your plan can help you define your perfect home size, location and lifestyle amenities for the next several years. Some homeowners do change homes after only a short time because of career or family changes.
Real Estate is all about location. What’s the right place for you? Evaluate your chosen neighborhood, as well as, distances to school, work, shopping, and amenities. Talk to people who live in places you’re considering. Visit the neighborhood at various times of day and week. Ask your realtor about resale value.
The more you know, the better! Research houses and neighborhoods online. Ask your friends and family for advice about everything–professionals to help you, mortgages, neighborhoods, housing choices. Attend open houses to help you clarify what you like and what you don’t. Keeping a journal about properties you visit can be a great resource.