Here are 6 steps Houses In Canada advises you to follow when purchasing a home;
STEP 1: DETERMINE YOUR AFFORDABILITY
Before searching for a home, you must determine how much you can afford. When it comes to affordability, we advise you to create an effective budget that maps out all of your current expenses and any additonal costs that come with purchasing a home such as your down payment and monthly/biweekly payments you can afford. To further assist you, have a look at our affordability calculator included in this website!
STEP 2: OBTAIN A PREAPPROVAL FOR YOUR MORTGAGE
Along with determining your affordability, you must visit a financial instution or a mortgage brokerage and prequalify yourself for a mortgage. Keep in mind that in order to complete a credit application you will need to provide the following documents: 2 most recent years of notice of assesments, T4s (if needed), income confirmation, recent pay stubs and bank statements. These documents will help your lender calculate how much you are able to borrow for a home. Essentially, pre qualifying yourself for a mortgage will narrow down the price range of the homes you should be looking at. We have created a mortgage calculator under the resources tab to assist you with some of these calculations!
STEP 3: FIND A REAL ESTATE AGENT TO HELP YOU
Real estate agents are crucial when conducting any real estate transaction such as a purchase or sale. Just like other professionals, Real Estate agents are experts when it comes to homes and find the right Real Estate agent will make your life easier and more comfortable!
Here are benefits of having a Real Estate Agent by your side:
- Housing Experts: Being a professional in the real estate business, an agent is able to help you make informed decisions while taking your needs into consideration. We value all of our clients time, you wouldn't want to waste your time looking at homes that don't meet your specific needs.
- Pricing Experts: Buying a home is considerably the largest investment an individual makes in his or her lifetime. A real estate agent will make sure that you do not purchase an overpriced home. Our goal is to save and earn you as much money as possible!
- Access to Tools: Real estate agents have access to Board MLS Systems, which facilitate the cooperate sale and purchase of properties to benefit consumers.
- Hassle-Free Paperwork: There is a lot of legal paperwork that must be completed when purchasing a home, save yourself the time and have an agent deal with all the paperwork for you.
- Rational Negotation: Negotiating with emotions can be difficult, real estate experts use skills that help rationally negotiate the best possible price for the clients, saving you money!
- Closings: Professional Real Estate agents understand the process of closing a sale and will make sure all legal requirements are fulfilled... giving you the most comfortable experience!
The most exciting step of them all, closing day is the day the buyer gets legal possession of the property and the keys! Keep in mind that before you obtain possession of the property, you will need to meet with your lawyer in order to complete all final papers such as the morgage documents, statement of adjustment (deposit, down payment), title insurance document, and direction of title documents. Once these papers are signed, when the mortgage is funded and the cheque for the down payment is given out...the seller will give the title to the buyer which means the KEYS ARE YOURS!
We hope this was helpful for you! If you are interested to know more, please give Houses In Canada a call at 905 232 3223. Let The Experts Make Your Dream Come True.