Buying a home can feel like a LOT, I'm talking a tizzy. "I just want the details C. Ivy; the specifics!" Welp, here they are:
You need a DP.
A DP means a down payment. How much of down payment? Well, anywhere between 5% and 20% is the usual depending on the price of the property. Equally as important as the dp is planning for your closing costs. Closing costs can be anywhere between 1-4% of the purchase price of your home. What are you paying for in your closing costs? It covers the cost for your Lawyer, any legal fees, and of course land transfer taxes. In the case where your dp is less than 20%, CMHC will charge a premium that's tacked onto your mortgage. The PST, however, will be part of your closing cost.
Tip: * You can use up to $35,000 from your RRSP tax-free towards your dp.
Get Pre-Approved.
Once you've got the dp on lock, you'll want to get pre-approved for a Mortgage. This is not to be mistaken for an actual mortgage (I'll bring this up later). A pre-approval tells us how much house you can afford based on your income, credit, and other criteria depending on the lender.
The Hunt.
We've got the pre-approval and now the fun begins! We house hunt until you find what you're looking for. My advice: have a pretty good idea of what you want because when we find it we'll have to act quickly. In this Real Estate Market, knowing what you want will save you a ton of time, and being decisive will save you a lot of heartbreak. Competition is out there and, trust me, they'll want what you want.
The Offer. When we find your home, I'll review and share with you relevant market data and advise on a strong offer to put you in the best position to win the deal. While you enjoy a coffee or a yoga class, I'll prep the Agreement of Purchase and Sale and include conditions to protect your purchase aka the legal stuff, and send it your way to be signed and submitted.
Winner, Gagnant!
After we win the offer, we'll celebrate over the phone and focus on closing the deal over the next few days. This involves meeting with the bank to secure and sign your Mortgage documents (this is when you'll get the financing), cutting a cheque for the Lawyer, and boom bang bing you're ready to move in.
Sounds simple right? Well, the real deal is you won't always win your first offer, or the second and sometimes the third. The good news is, If you buy today you'll pay less than if you wait until tomorrow. Harness your confidence and patience through the process.
In this Real Estate climate where supply is low and demand is high, you'll need to be graceful.
If you or anyone you know is looking for representation, I live and breathe Real Estate and I've got time to help you buy or sell your property, call me.
Your Friend in Real Estate,
Christine Ivy Stephenson | Real Estate Agent
M: 647-300-7959
O: 905-695-7888
F: 905-695-0900
C. Ivy & start packing
