Your How-to Guide to Buying Smart
1. WORK OUT A BUDGET
You’ve got your home and neighbourhood in mind. It’s smart to meet with one of our experienced Mortgage Brokers now to get a handle on much you can afford as a monthly mortgage payment.
2. GET EXPERIENCE ON YOUR SIDE
Our Mortgage Brokers really are on your side, and can help you access great rates and mortgage options, and offer both traditional and innovative mortgage options that can meet your unique needs.
3. GET PRE-APPROVAL
This is a smart step, as it ensures your mortgage rate is guaranteed for up to four months. Home sellers will know you’re serious and you’ll have peace of mind knowing just what you can afford.
4. DO YOUR HOMEWORK
It is often a good idea to work with a real estate broker who can help you search for neighbourhoods and homes that meet your needs.
5. MAKE AN OFFER
Once you have found your home, your real estate agent will prepare a purchase offer on your behalf. Upon closing, you have 7 days to have your home inspected by a home inspector and to finalize your financing.
6. SAVE BIG WITH A LARGER DOWN PAYMENT
If it’s in your budget, consider putting more down. Talk to your Mortgage Broker for advice about how to save thousands.
7. FACTOR IN A FEW ADDITIONAL COSTS
Closing costs, Land Transfer Tax, Home Inspection and Property Tax and home insurance. Discuss these costs upfront with your Mortgage Broker and factor them into your budget so that there are no surprises.
8. SIGN ON THE DOTTED LINE
Your lawyer will finalize the paperwork a few days before closing, you will sign on the dotted line, pay the downpayment and any additional costs related to the purchase of the home.
9. WELCOME HOME
The title of the home will be transferred to your name on closing day, and you can pick up your keys. Now wasn’t that easy?