Jenn and Colin ... can help you buy a home.
First ... some valuable information to consider... to assess Your Housing Needs ...
Be realistic ...
Make a list of all the features you want in your home, and determine which of these features are must-haves and which are negotiable. Here are some things to consider: type of housing - single family, detached, duplex, townhouse or high-rise condominium, number of bedrooms, number of bathrooms, small or large kitchen, family area, backyard and deck.
Location is an investment, too. Do you want to live near recreational facilities? How close is home to work? ... to schools? ... to shopping? Are emergency facilities, such as hospitals, close by? Is public transportation available? These are important questions to ask when buying a home.
Determine What You Can Afford ...
That depends on a number of factors; the most important are gross household income, down payment size and mortgage interest rates. Lenders will also consider your assets and liabilities. Your lifestyle and debt comfort zone will also come into play. There are two simple rules that can help you determine how much you can afford in monthly housing costs:
- First, your home-related expenses cannot exceed 32% of your gross monthly income; housing costs include monthly mortgage payments (principal and interest), taxes and heating expenses.
- Second, your entire monthly debt load, including housing-related costs, cannot exceed 40% of your gross monthly income.
If your down payment is less than 25% of the purchase price of your home, mortgage loan insurance is usually required. With a CMHC-insured mortgage loan, you can buy a home with as little as 5% down. So if the cost of your home is $125,000 you will need a down payment of $6,250.
Build Your Team ...
When buying a home, you may need some help. You will want to have a team of professionals at your service that may include a real estate agent, a mortgage lender, a mortgage broker, an appraiser, a lawyer or notary and a home inspector. These professionals can help ensure you have the right home for your needs and budget.
Getting A Mortgage ...
Buying a home usually means taking out a mortgage. Today, many Canadian financial institutions lend money for mortgages, including banks, credit unions, trust companies, finance companies and pension funds. That said, some consumers choose to use the services of a mortgage broker. Mortgage brokers do not usually lend money; rather they arrange for a mortgage on your behalf. You can also approach your mortgage provider for a pre-approved mortgage. Your lender approves the amount of your mortgage with a written confirmation, over a fixed period ( usually 60-90 days ), at a set interest rate.
You've Found A Home ...
That meets your needs in your price range, we will present the seller with an Offer to Purchase and Sale. The document will include the following:
Purchase price
Chattels and fixtures ( items such as fridge, stove, etc., to be included in the purchase price )
Financial details, such as, deposit to accompany an accepted offer
Details of conditional items such as a home inspection, mortgage financing, closing dates and posession dates
Request for a current land survey of the property
Request for current title search
Request for a signed and dated property disclosure statement
Expiration date and time when the offer becomes null and void.
Consult your real estate agent and lawyer at regular intervals during this process to make sure that you have not overlooked anything.
The Closing ...
This is a process during which all of the legal and financial obligations outlined in your Offer to Purchase will be met. Your lawyer or real estate agent should keep you informed of the steps involved. Here is an outline of what to expect:
Ensure that all conditions of your offer are met, for example a house inspection.
Finalize mortgage details and financing.
Check into taxes and liens.
Make sure an updated land survey of the properties is available.
Show your signed aggreement to your lawyer ( or notary ).
Once all of the conditions outlined in the offer are met and the closing day has arrived, you will get the keys and the property will be legally yours!
In addition to the purchase price, you will have to pay closing costs such as legal fees, transfer fees and disbursements. Typically, these costs range from 1.5% to 4% of a home's selling price.
What we do for you ...
Once you've been pre-qualified, using our "Buyer Home Search Program" we take the time to listen to your needs and establish your price range, we access and research detailed information regarding properties on the market and what is coming on-stream, utilizing all possible resources to locate homes that match your criteria so you wont miss any opportunities. We find you the very best home on the market and negotiate the best price possible with the least amount of time and inconvenience to you!
We Help You Every Step Of The Way ...
Our priority is to always represent your best interests throughout the real estate transaction to provide you with peace of mind. We retain a deep and current knowledge of the local real estate market, the values of homes and the pricing attached to them so you can make decisions with confidence. Inform you of all costs associated with buying and connect you with the service providers you require to complete the transaction saving you time and eliminating surprises. Negotiate an "air tight" contract with the best price and terms the market will bear saving you thousands $$ of dollars and be there to help you complete your financing and inspections, close on the transaction and take possession of your new home. Only when all this negotiation on your behalf is complete, do we get our portion of the selling commision. Our goal is to ensure your home buying experience is smooth and successful!
Selling Suburban Lifestyles! |
