Home Buying Guide
Tags: HOME BUYER, FIRST TIME HOME BUYER, HOME BUYING TIPS, SELECTING A REALTOR, TOP REALTOR, VAUGHAN HOMES, TORONTO HOMES, VELLORE VILLAGE, VELLORE WOODS, MAPLE, WOODBRIDGE, Vaughan Realtor, Toronto real estate
Congratulations on taking this first step in buying a home. Pride of homeownership is one of life’s greatest joys and biggest accomplishments. It is an exciting time and my hope is that this guide will bring clarity and peace of mind during your home buying journey.
STEP 1: DECIDE WHERE YOU WANT TO BUY
Let’s get started! The first step is deciding where you want to live, what type of home you are looking for, and what features are “must have’s” or “would be nice to have’s” in a home. Invariably, there will be tradeoffs. Having clarity and where and what you want with simply the home buying experience.
Step 2: Getting Pre-Approved for a Mortgage
Partnering with a mortgage advisor and/or financial institution to help you find the right mortgage product at the best rate is critical to your home buying process. In addition, you want to ensure that you will get approved for the mortgage and that you are looking in a price range that you will feel comfortable with the mortgage payments.
5 Easy Steps to Get You Pre-Approved For a Mortgage
1. Talk with a mortgage advisor
2. Complete and submit your application with the mortgage advisor
3. Gather all the necessary documents
4. Verification of your details
5. Obtain a copy of your pre-approval
Having Pre-Approval Documentation Can Offer Other Benefits:
• Saves you time by only looking at properties that you can afford.
• Rate guarantees and mortgage terms can save you money for years to come.
• Less stress throughout the process. You will know that you are ready and capable of buying.
• Get a better deal on the home that you want. Sellers like to know that buyers already have financing in place.
Step 3: Become an Educated Buyer
Educated buyers are able to make informed decisions creating a stress-free and enjoyable home buying process. With that in mind, work with a realtor that is committed to spending the time to educate you on the buying process as well as what is happening in your local real estate market.
Step 4: Making an Educated Offer
The ongoing communication and education you will receive from your real agent will empower you to get the best possible deal on the home that you desire. A Comprehensive Market Analysis (CMA) will provide you with an overview of historical data of comparable homes and help empower you to make an informed decision and hence offer.
Step 5: Conditions, Home Inspections, and Waivers
The offer has been accepted. Now, we need to satisfy the conditions.
This usually involves performing a home inspection, getting the rest of your personal information and the property information to your mortgage broker or bank, and arranging for the other information that might be necessary, like surveys, water tests, and condominium documents. Your real estate agent will be key in helping you make the necessary arrangements to ensure that the entire process runs smoothly before the deadline.
Working with a professional real estate agent that is committed to supporting their clients through the entire buying journey and process will dramatically improve your home buying experience.