Buyers

FIRST TIME HOME BUYERS 


Owning a home is a keystone of wealth — both financial affluence and emotional security. – Suzy Orman

Buying your first home is a major decision; being a homeowner comes with many responsibilities. It is also an exciting time and we want to make it for you as easy and simple as possible. But some work has to be done by you.

Before any home search begins a new buyer will need a down payment. In a Conventional Mortgage your down payment is at least 20% of the purchase price. However, you can buy a home with as little as 5% down. Anything less than 20% of the purchase price for a down payment is considered a High-ratio mortgage. High-ratio mortgages need mortgage loan insurance which protects the lender against mortgage default. Mortgage Insurance can be provided by a few different companies such as CMHC, Canada Guaranty and Genworth. Mortgage Insurance Premium fees are determined by the percentage of your mortgage and can vary from 0.5% to 5.65%.

You can determine down payment options and CMHC premiums using our Mortgage Calculators.

The next step in the buying process is getting pre-approved. Getting pre-approved for a mortgage determines how much a lender will be willing to give you. When you sit down with a Mortgage Broker they will take a look at four things.

     a) Your Job, what you do, how long you've done it and how well they pay you!

     b) Your Existing Assets, this includes cash, cars and any property you already own

     c) Your Liabilities, this includes your current debt such as student loans, credit cards, car loans, etc.

     d) And finally, your credit score.

Pre-Approvals are normally good for around 90 days and you are guaranteed the lowest rate available during that time period. However, keep in mind that pre-approval is not a guarantee. For example, if the property doesn’t appraise at or above the purchase price, you may not quality for the mortgage you need. This leads us to our next step...

When you get pre-approved, and you selected the agent you want to work with, it’s time to decide what exactly you are looking for. This may seem like an easy question but it can be harder than you think.

The first thing you should consider is the Big Three;

     * How much space do you need? How many bedrooms? Do you need parking, locker, garage?

Where do you want to be? You've heard the phrase, "location, location, location" before, that's because it really is one of the biggest decisions you'll make in the buying process. Buying a home is an investment of a lifetime for many people. Location is important. I always tell my clients that they should consider to look for home close to their work place. Staying close to your place work cuts down on travel time, which means you’ll need to spend less money on fuel and that you don’t have to get up at a ridiculous hour in the morning to arriveat work on time. Next, consider what neighbourhood or type of home you would like to be in. There are pros and cons of every decision and since sometimes we can’t have both worlds at least giving it a thought will make you more confident in your purchase process.

     * How much do you want to spend? You have been pre-approved and you know how much the lenders are willing to give you but that doesn't necessarily mean you should spend the full amount. Choose a range you feel comfortable with.

     * A few other questions you should consider are what features you need to have compared to what features you want to have. Need vs. Want.

So, you’ve found your dream home, you have your pre-approval and down payment in hand, now it’s time to make your offer. We will draft the offer and go over all the clauses and answer any questions you may have. When it comes time for negotiation, we put your best interest first.

Once your offer is accepted there is still a lot to do before closing. If you purchased a Condo, your offer could be conditional upon the Status Certificate. We will be able to refer you to a lawyer to read over the documents. If your offer is conditional on a home inspection we will also be able to refer you to a reputable home inspector. Finally, you will need to have the home appraised.

We make sure everything runs smoothly on closing day. This is the day you (or your lender) hands over the full amount of the home price and the deed gets signed over to the buyer. The buyer gets the keys to their new home and it’s time to celebrate!

Again, thank you for choosing me for your real estate agent.

Congratulations!

Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world. – President Franklin D. Roosevelt

GET EVERYTHING YOU WANT WITH THE RIGHT BUYING AGENT

It’s personal.
It’s professional.
It’s everything in between.

It’s probably the largest purchase you’ll ever make in your life.

So it only makes sense that you engage the services of an expert in the field.

What, where, when, why, and of course…how much?

All of these questions matter and each has an impact on your final home purchase decision. What type of property are you interested in? Where do you want to buy? When do you plan to make your purchase? Why are you in the market? How much do you want to spend?

My real estate experience has taught me that the more I know about my clients, the faster I’m able to find them their dream homes. And that’s why I take the time upfront to interview you, get to know you, conduct an in-depth needs analysis and define your profile as a buyer.

From handshake to signed papers

I’m with you every step of the way. With a wholehearted approach to my business and my clients, I provide a service that is thorough, intuitive and assertive. I search relentlessly to find you the perfect property, I leverage my innate real estate skills to hone in on what you really want and then I fight hard for your best interests at the final negotiating table. And through it all, I communicate openly and practice full transparency so you always feel comfortable and confident.

What it means to be my client

If you engage me as your buying agent, here’s what you can expect:

  • Keen understanding of who you are and what you want

  • Comprehensive market search

  • Receive new listings within an hour of posting on MLS

  • Complete review of offer format and clauses in advance

  • Comparative Market Analysis (CMA) to support your offer price

  • Coordination and scheduling to view all properties of interest in a timely manner

  • Powerful negotiation to get you the best possible price and terms

  • List of service providers to facilitate your purchase

Let’s discuss your real estate needs.

Contact me today.