Thanks for making the right choice! As discussed I have set you up to receive a series of informative emails to help guide you through purchasing your home. GOOD NEWS FOR YOU.... We have in-house-financing available! and our partners are the best in the biz, not to mention they ALWAYS put our clients first.
Is right now a good time to buy?
Markets go up, markets go down and even the most informed experts can’t accurately predict when a market will peak or bottom out. If you’re buying a home as a long-term investment (and for long-term enjoyment), you should be protected from short-term changes in the market. Instead, focus on picking a home that meets your and your family’s needs.
Here are a few questions that will help us guide you:
- What do you have for a down payment? Are you familiar with CMHC fees? Play with these tools
- Is your deposit/ down payment money relatively liquid? i.e. is it in Cash, an RRSP, or TFSA/ bonds ect? Here is a quick guide to applying for a mortgage
- Can you please let me know the most ideal time period for when you need to move in by?
- Are you a first time home purchaser in Canada? if so, you will find this interesting: Are you a first time home buyer. See how you can save some money/ get rebates through government programs. Click here
Lastly, check out this helpful site which acts as a great guide to ALL of the questions you will have! http://homeownership.ca/
- Check out Rate Hub calculator - https://www.ratehub.ca/mortgage-payment-calculator
- Read the Laymen’s terms version of the “Agreement of Purchase and sale” and the "buyers representation agreement"
- Speak to your bank or mortgage broker to get a preapproval. We find it best to have this done as it gives your offer strong consideration when I can explain to the the listing agent that you have been prequalified, its a great bargaining chip. Also, we have a great list of partners at the banks in order to assist you, JUST ASK!
A few things you will need to consider
If you’re not planning to own two homes at the same time, you’ll need to sell the one you have now. So, do you buy or sell first? Many people are able to time their sale and purchase to happen on the same “closing date,” making their purchase offer “conditional” on the sale of their current home or by extending the “closing period” to give more time to find the perfect home. We can help you decide the best time to enter the market, analyze local market trends to set an agreeable and appropriate price and help promote your home to potential buyers.
When lots of people are looking for homes but there aren’t many for sale. Has to do with # of months of inventory.
When there are many homes for sale but not enough people buying them. Has to do with # of months of inventory.
This refers to the fact that winter sales tend to be slower in most markets while spring sales typically speed up.
Organizing your finances is the critical first step in your home purchase:
- Consider the one-time costs associated with a home purchase, including a down payment, legal fees, taxes and moving expenses.
- Understand ongoing monthly costs, including mortgage payments, insurance, utilities, property taxes, maintenance and, if applicable, condo fees.
- Take into account the equity you may have in your current home and the applicable mortgage options available for your next move.
- Pre-qualifying for a mortgage gives you the comfort of knowing how much you can afford and what your monthly payments will be.
- A pre-approval from a mortgage lender protects you against interest rate increases for a given period during your home search.