1) Is Homeownership Right for You?
When looking to buy or own a home, there are many costs involved in the buying decision process. Things to consider are affordability, down payment, mortgage amount, inspection and appraisal fees, closing costs, taxes and insurance, operating expenses etc.
Use our mortgage calculator to find out how much house you can afford.
2) Set a Budget
Determine how much home you can afford by comparing your income with your current or planned expenses and debt payments and see what you can afford as a monthly mortgage payment.
3) Get Experience on your Side
At this stage, it’s wise to meet with an experienced Mortgage Broker who will ask you about your down payment, income, credit, and type of property you are hoping to buy. Once the discussion is complete, you will have a good idea of what kind of mortgage you can comfortably fit into your budget.
4) Get Pre-Approval
A pre-approval will help you determine the maximum amount of money that you can borrow for your home plus a guaranteed interest rate. Our pre-approvals are guaranteed for up to 120 days. Getting pre-approved for a mortgage will give you peace of mind knowing what home you can afford and puts you in a good position to make an offer when your dream home comes onto the market.
5) Hire Professionals
Once you have been pre-approved, you will need a realtor who specializes in the neighborhood where you are looking to purchase that dream home. A specialist in the area will be able to tell you about the location, the average price per square foot, and know the community inside and out.
6) Make an Offer
Once you have found your dream home, your real estate agent will prepare a purchase offer on your behalf. The first offer may or may not get accepted, however, this is usually the starting point of the negotiation process. Upon closing, you have 7 days to have your home inspected by a home inspector and to finalize your financing.
7) Sign on the Dotted Line
Visit your lawyer or local Notary’s office a couple of days prior to the completion date to sign the final transfer documents, pay the down payment, and any additional costs related to the purchase of the home.
8) Pick up your Keys
The title of the home will be transferred to your name on closing day, and you can pick up your keys the same day if you wish. Excited?