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Tips on Buying a Home

10 steps in buying a home

Credit Rating

Your credit rating is very important, this rating will determine if you have qualified for a mortgage or what interest rate will be available to you. Visit www. equifax.ca to obtain your credit report .

Understanding How Mortgages Work

Find a Mortgage broker or Bank agent that will walk you through the mortgage process.It is highly important that you are fully aware, of how the mortgage process works.

Getting a Mortgage Pre-Approval

Get Pre- Approved before you start working with a real estate agent.The pre-approval will help determine the price range of your future home.

Needs and Wants

Make a list of all your Needs and Wants in your new home, this will make your experience much smoother.

Choosing a Real Estate Agent

Find the right real Estate agent, that is going to work for you, until you find the perfect home.You don’t want to be pressure into buying the first home you see, buying a home is one of the biggest purchases, one can make. Take your time.

Search for your home

The best place to look for a home, is on the internet websites, your agent will send you new listing via email which you can then research on the internet. Also, there are many real estate magazines, News papers or one can simply drive the communities of interest.

Pre-Offer Investigation

Understand if there are any restrictions to the property of interest. What are your plans for the property of interest, for example a basement suit for rent or future development on property. Ask what future events or projects are scheduled in the surrounding area that may impact your property of interest. Developments in the area can have a positive or negative impact on a property, Ask questions…

The Offer to Purchase

All conditions to the purchase of your home should be stated in writing at time of the offer. Sit down with your agent, to review your offer and take care of all the contractual considerations. Always ask for a home inspection, don’t be afraid to ask question, understand what your offer states.

Avoiding Last-Minute Changes

Its not a good idea to make last minute changes to an offer to purchase after it has been presented and excepted by the seller , this mistake can essentially cost you money and stress, or may not be accommodated at all.

Before Closing

Sit down with your Lawyer and go over the contract line by line to understand what closing documents contain. Again don’t be afraid to ask questions regarding the contract.