The first step in the process is to meet with your bank or a mortgage broker, to determine what you can afford. They will pre-approve you to lock in an interest rate, give you a guideline on what you can spend and discuss your down payment strategy (The current minimum down payment is 5%). While shopping around for the best rate is being a smart consumer, this should be done by a mortgage broker as opposed to going from bank to bank, as that can adversely affect your credit score.
What to Look for
Once you are up to speed with your budget and your down payment is in place, you are ready to decide what type of home you are looking for. The old adage of location, location, location is one of the most important aspects of finding the perfect home. Factors such as schools, parks, amenities and accessibility to major arteries and airports are things that can't be changed.
Choosing a REALTOR®
Finding a REALTOR® with the right fit for you and the knowledge you require, is important. A REALTOR®, who is knowledgeable in your chosen area can help you find the perfect home and guide you towards better locations, prices, schools, etc. From viewing the first home, through the entire complicated process and up to possession day, your REALTOR® will guide you and will represent you to ensure your best interests.
Finding Your Home
As your REALTOR® I will discuss your wants and needs and will help you get first access to homes within your desired criteria and in your chosen area. I will set up an automated search system that alerts you the moment a new listing is entered on the system, ensuring you are one of the first to have access. I will then schedule appointments with the sellers, so we can view the homes of your choice.
As your REALTOR® I can help you place an offer. I will guide and advise you through the entire process. After we’ve negotiated an accepted offer, we will need to book a home inspection, obtain financing and possibly an appraisal (possibly other conditions, each purchase is different). Once these conditions have been satisfied, we will have a firm deal and signing the legal work follows. This is typically done with a lawyer.
After this, it is time to pack and prepare for the possession of your new home!!