Thinking of Buying?

When purchasing a home, you are faced with a multitude of decisions!

-Ten [ 10 ] Steps to buying a home  (See Below )

-Additional Costs When Buying a Home  (See Below )
 
The primary one is whether you are actually prepared to purchase a home. Locating the perfect home is not always an easy task, and obtaining a mortgage loan can be a complex and tiring process. Although, once you have determined that you are ready to move forward with the required effort towards your home-purchasing goal, the rewards are unquestionable.

While at your side each step of the way, I will make the process of purchasing a home easier, more enjoyable, less time-consuming, and less expensive than if you undertook this challenge on your own. will help you prepare so that sellers perceive you as a preferred buyer, help you locate and assess properties for sale that match your specifications, and help you through the myriad of details attending the actual purchase.

I am highly familiar with the current homes on the market, and I know neighborhood values well, so I can help you determine which properties are fairly-priced and in good condition before you start your search.

Your First Step
Your first step to buying a home is to first ask yourself why you want to buy a home: to stop paying rent? To start building equity? To have a place of your own? To raise a family? To entertain business associates? To move up to a bigger house? Next, list what kind of home you'd like and where you would like to be. Be specific. Separate the "must haves" from the "want to haves."

Think of yourself as zeroing in on a target, going from the general to the specific. Consider area (city, suburban neighborhood, country); community (north, south, east, or west side); neighborhood (older and settled or sparkling new; a particular school zone; recreational facilities; and other community services such as transportation, day care, library, stores, entertainment). Ask yourself how many minutes you are willing to commute to work.

Think about home styles. How much space do you need? Does your situation require a one-level home, or are stairs acceptable? Consider size and kind of property. Do you want a newer home, or maybe an older one to fix up? Someday you or your heirs will want to sell. Consider how long you expect to live in this particular home.

Your Next Step: Loan Pre-Qualification
Once you have addressed the above needs, your next step in the purchasing process is to get pre-qualified with a mortgage company. This can be done over the phone or even online in a matter of minutes.

Call me and I will refer you to a mortgage professional that has an excellent reputation and track record for successfully acquiring loan approval for his/her clients.

I Will Find The Right Homes For You
Once you've been pre-qualified and know what price range you want to stay in, I can help you determine which properties fit your needs by using the (MLS) Multiple Listing Service system to locate them.

I have the best possible resources and communication systems available today to help you locate the homes on the market that match your specifications. You can even search my listings here at my website.

I Will Help You Every Step Of The Way
I will help you complete your financing and inspections, and close on the transaction. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.

Ten [ 10 ] Steps To Buying a Home

1- Determine how much you can afford

Based on your down payment, income, existing debt, regular expenditures, and other key financial information, we can help you determine how much you can afford to pay every month and the price range that works within your budget.

2- Team up with a real estate agent

Finding a real estate agent to help you search for your dream home is important to the home buying process. The best real estate agent will be a combination of a personal advisor, consultant, and negotiator. This expert will show you homes that match your criteria, guide you through the home buying process, and negotiate the best possible price for your home.

3- Make an offer

When you've found a place that you'd like to call your own, your real estate agent will help you draw up an Offer to Purchase to present to the seller. This legal document specifies the price, the closing date, and any conditions.

4 - Retain a lawyer

It's important to hire a lawyer who specializes in real estate. You could find yourself in a bidding war for the home you want, and you may want a lawyer to look over any offer to purchase before you submit.

 5- Arrange the home inspection

    Many buyers consider including a home inspection as one of the conditions on their Offer to Purchase. A professional inspection is a good way to uncover major problems with the home. If the home doesn't pass the inspection, you can adjust or withdraw your conditional offer.

6 – Get the mortgage approved

With a copy of the signed Offer to Purchase and the necessary financial information, we'll submit your application to the mortgage lender that we have selected. The lender will qualify the application and complete a valuation on the property you have purchased.

Mortgage insurance gives you the ability to buy a home with a down payment of less than 20% of the purchase price.

7 - Get property insurance

Apart from the mortgage, you'll need to purchase property insurance that protects your home against fire and other damages. Once you have a policy in place, forward a copy to your lawyer and your lender.

8 – Check the legal details

With the deal finalized and the financing in place, your lawyer can now search the title and check whether there are any   unpaid property taxes outstanding. Your lawyer will arrange for a survey to be completed, if necessary.

 9 - Complete the paperwork

A few days before the deal is set to close, you'll meet with your lawyer to review, sign, and get copies of all the documentation. At this time, you'll also provide the remainder of your down payment and pay legal fees and any additional costs, such as prepaid utility expenses for which the seller should be reimbursed, that are due on closing.

10 - Pick up the keys

On the closing day, your lawyer and the seller's lawyer will exchange documents and cheques. Your lawyer will also register your new home in your name. When these tasks are complete, you'll get the deed and your keys to your new home, and you can move in.

Additional Costs When Buying a Home

The purchase price of your home is only one of the costs you'll encounter. Here are other possible costs you need to consider:

Mortgage loan insurance: If you are putting Less than 20 per cent of the house value down, you is going to need mortgage loan insurance. Depending on the lender, the premium can be added to mortgage payments.

  Appraisal fee: Lenders typically loan a percentage of the home's purchase price or the market appraisal of the property. Cost depends on the size and complexity of the assignment.

Land survey: The lender may ask for a current survey or certificate of location before signing off on the loan. There can be a substantial cost for having a new survey done on the property.

Deposit: A deposit normally goes with the formal offer to purchase.

Insurance: The lender will require proof of property insurance for the replacement value of the house and its contents from the day you take ownership.

Title insurance: Provides coverage in case of problems with the property title among other things. The cost is relatively low, usually a few hundred dollars.

Application fee: Some lenders will pass on the cost to process your application. These fees vary and some lenders will waive entirely if you have other accounts with them.

Mortgage broker's fee: If you use a mortgage broker, a fee may be charged to .arrange a mortgage on your behalf.

Home inspection fee: An inspection protects the buyer by revealing any problems in the property that you'd want to know before you move in.

Legal fees: You can save some of the legal fees usually charged by the lender if your lawyer draws up the mortgage. You'll also pay for disbursements which are the costs involved in drawing up the title deed, conducting a title search, and preparing and registering the mortgage.

Land Transfer Tax : Use the land transfer tax calculator accessible from the home page of this website to calculate both your Ontario and City of Toronto (if applicable) land transfer taxes. First time home buyers qualify for a maximum $2,000 (LTT on a $227,500 home) provincial rebate and a maximum $3,725 (LTT on a $400,000 home) City of Toronto rebate.

Goods and Services Tax: The purchase price of resale homes is exempt from the HST. The purchase price of newly constructed homes is subject to HST. New home buyers can apply for a 36% rebate of the federal portion of HST applicabl to the purchase price to a maximum of $6,300 for homes costing $350,000 or less. For new homes priced between $350,000 and $450,000, the rebate on the federal portion of the HST rebate would be reduced proportionately. New homes priced $450,000 or higher would not receive a rebate of the federal portion of the HST. New home buyers can appl for a 75% rebate of the provincial portion of the HST applicable to the purchase price to a maximum of $24,000.

Other Costs: These include moving costs, fees charged by utilities for service hook-ups, property tax and other adjustments (an adjustment takes place when the seller has already paid for something in advance and wants to be credited for the unused portion on the date the house becomes yours), and ongoing maintenance (condo fees etc) and utility costs.

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