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Where to Buy

Step 1 - Deciding Where And What to Buy

Congratulations on taking this first step toward buying a home. Pride of home ownership is indeed one of life’s greatest joys and biggest accomplishments. It is an exciting time and my hope is that this guide will bring clarity and peace of mind during your home buying journey.

Let’s get started! The first step is deciding where you want to live, what type of home you are looking for and what features are “must haves” or “would be nice to haves” in a home. Invariably, there will be trade-offs, but rest assured I am here to help sort through the options to find you the best house, at the best price and with as many of your wants and needs as possible.

Where to Buy

Step 1 - Deciding Where And What to Buy

Congratulations on taking this first step toward buying a home. Pride of home ownership is indeed one of life’s greatest joys and biggest accomplishments. It is an exciting time and my hope is that this guide will bring clarity and peace of mind during your home buying journey.

Let’s get started! The first step is deciding where you want to live, what type of home you are looking for and what features are “must haves” or “would be nice to haves” in a home. Invariably, there will be trade-offs, but rest assured I am here to help sort through the options to find you the best house, at the best price and with as many of your wants and needs as possible.

Step 2 - GETTING PRE-APPROVED FOR A MORTGAGE

The mortgage industry is a highly competitive field and it is important to understand that interest rates can change at any time. Partnering with a mortgage advisor and/or financial institution to help you find the right mortgage product at the best rate is key to your home buying process.

5 Easy Steps to Get You Pre-Approved For a Mortgage

  1. Talk with a mortgage advisor

    Ideally someone who comes highly recommended. There are hundreds of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank. However, if you have a good relationship with your financial institution, contact them, or I’d be happy to recommend someone as well.

  2. Complete and submit your application with the mortgage advisor

    They will collect your financial and personal information in order to find out how much mortgage you can carry.

  3. Gather all the necessary documents

    The mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.

  4. Verification of your details

    They will do their checks and balances to make sure you are not getting in over your head.

  5. Obtain a copy of your pre-approval

    This is a powerful negotiating tool, especially in a multiple offer situation. The seller of your dream home will feel more confident that you are the right person.

Having Pre-Approval Documentation Can Offer Other Benefits:

  • Saves you time by only looking at properties that you can afford.
  • Rate guarantees and mortgage terms can save you money for years to come.
  • Less stress throughout the process. You will know that you are ready and capable of buying.
  • Get a better deal on the home that you want. Sellers like to know that buyers already have

    financing in place.

Advice Selling

Step 2 - GETTING PRE-APPROVED FOR A MORTGAGE

The mortgage industry is a highly competitive field and it is important to understand that interest rates can change at any time. Partnering with a mortgage advisor and/or financial institution to help you find the right mortgage product at the best rate is key to your home buying process.

5 Easy Steps to Get You Pre-Approved For a Mortgage

  1. Talk with a mortgage advisor

    Ideally someone who comes highly recommended. There are hundreds of options to choose from when it comes to lenders. Independent mortgage brokers tend to offer the most options because they do not just work with one bank. However, if you have a good relationship with your financial institution, contact them, or I’d be happy to recommend someone as well.

  2. Complete and submit your application with the mortgage advisor

    They will collect your financial and personal information in order to find out how much mortgage you can carry.

  3. Gather all the necessary documents

    The mortgage broker will give you a list of documents that the banks/lenders need to finalize the mortgage.

  4. Verification of your details

    They will do their checks and balances to make sure you are not getting in over your head.

  5. Obtain a copy of your pre-approval

    This is a powerful negotiating tool, especially in a multiple offer situation. The seller of your dream home will feel more confident that you are the right person.

Having Pre-Approval Documentation Can Offer Other Benefits:

  • Saves you time by only looking at properties that you can afford.
  • Rate guarantees and mortgage terms can save you money for years to come.
  • Less stress throughout the process. You will know that you are ready and capable of buying.
  • Get a better deal on the home that you want. Sellers like to know that buyers already have

    financing in place.

Advice Selling

Setp 3 - CHOOSING THE RIGHT REALTOR®

First, it’s important that you understand whose interests REALTORS® are legally bound to serve in a real estate transaction.

Listing Agent

The Listing Agent is under contract with the seller to market and sell their property for the best possible price. Working with a listing agent means that they can:

  • Arrange a showing of the property.
  • Assist with financing the property.
  • Provide details about the property.
  • Explain all the forms and agreements related to buying the property.

Buyer Agent or Your Personal REALTOR®

When you engage the services of your own personal agent — someone who is under contract to work solely in your best interest — you get all of the same services listed above, plus your personal REALTOR® provides:

  • Confidential assistance that addresses your needs first. You wouldn’t hire a lawyer for both parties – the same applies with agents.
  • Honest, loyal and diligent care, free from any conflicts of interest.
  • Access to all listings including MLS, bank-owned properties, distress and estate sales, and homes that were on the market where the seller might still be interested in selling.
  • Expert advice on useful clauses such as home inspections and financing to protect you fully.
  • Expert negotiation of the offer to purchase, to achieve the best possible price and terms.
  • Expert advice on market value, inclusions, location, or if it’s best to walk away.
  • Discovery and disclosure of all information about the property including liens, warranties, disclosures, seller’s purchase price, and market and planning activity in the area.

As your Personal REALTOR®, my job is to ensure you are an educated buyer in all aspects of your home buying process.

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HOME BUYER'S GLOSSARY

AMORTIZATION SCHEDULE

The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.

Equity

The process of determining the market value of a property.

Mortgage

A mortgage that can not be prepaid or negotiated for a set period of time without penalties.

Closing date

The date on which the new owner takes possession of the property and the sale becomes final.

Collateral

An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.

Deposit

A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.

Equity

The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.

Term

A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.

Term

The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.

Take the next step in your journey

I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:

Personalized service

Local market knowledge

Excellent communication

Strong negotiating skills

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