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Tips for Home Buyers-
Buying a property is one of the most important decisions in anybody’s life as emotions are also attached with it. You want this experience of home buying to be a memorable event in your life. Buying a home is a process. It passes through various stages and here are lots of formalities involved in this process. It is always a good idea to be informed about the steps involved in this process. First step towards buying a house is making oneself mentally and emotionally prepared that you ready to buy the house. Second step is getting pre-approval of mortgage.
Why get mortgage pre-approval
- Sometimes, people don’t have a realistic idea about their buying capacity. Pre approval of mortgage helps them to find out the carrying cost including mortgage of house/condo they want to buy
- Pre approval helps them save money at the time of negotiation
- Pre approval helps them take advantage of the best mortgage rate
Mortgage Preapproval– First step towards getting mortgage pre-approval is to work closely with a mortgage agent or your bank. To begin with, you need good income and credit score above 650 & down payment. You will have to provide information about your family income, employment status, self employment, any other credits such as car loan, RSP loan. If needed, your bank or agent can ask for more information. Your credit history ratings will be verified. On that basis your affordability will be determined.
We have an excellent network of mortgage consultants, lenders for mortgage approval sources.
We provide assistance to:
- 1st Time Buyers
- Investment properties
- New immigrants
- Low Income
- Foreign workers
- Self employed (such as contractors, construction workers, Truckers etc); NO NEED TO CONFIRM INCOME
- People in jobs. Upto 3% Cash Back Mortgage; Credit Score 650+ preferred
- Low Down payment
MOST MORTGAGE PROGRAM DIRECTLY THROUGH BANK*. NO MORTGAGE CONSULTANT INVOLVED. SO, SAVE MONEY
You can communicate with us. We will help you get connected with reliable mortgage consultant. After you get your mortgage pre approved, you are ready to start looking for your dream home.
Where, what and when to buy-
After your know your financial capacity, you have to decide upon the area of your interest that suits your needs. Make a list of seven to ten most important points that you will want to have in the desired neighborhood. From here on, you will need the services of a reliable real estate professional.
Professional Real estate salesperson-
Services of a professional real estate salesperson are highly recommended. He/she will be your honest friend and guide who will help you reach your destination
Decision step-
After looking the various houses, short list the houses that you liked and fits your budget. Analyze which one matches your requirements. Ask yourself “do I see my self and my family living in that house?”
Offer and Home inspection-
If you like the house, your real estate salesperson will put an offer on the property as per your advice. You will have to hire a Certified Home Inspector to do the thorough inspection of the house. Home inspector will do the structural and complete visual inspection to assess its condition and integrity.
More details can be find out at http://www.cmhc-schl.gc.ca/en/co/buho/buho_001.cfm
Closing Costs-
If everything goes as planned; the buyer should be prepared to pay 1.5% as closing expenses. This include-
Legal Fee-
The lawyer’s fee can vary from $1500-$2500 depending upon the extent of services provided and will include disbursements also.
Title insurance-
Getting title insurance is not mandatory. It is strongly advised that home owners should opt for title insurance. Cost may be around $250.
Land Transfer Tax-
This tax varies from municipality and city. First time home buyer are eligible for land transfer tax discount. You can find more information on Land transfer tax rates for Ontario and Toronto on http://www.fin.gov.on.ca/en/tax/ltt/rates.html
Here is the link to calculate LTT-
https://mediumvioletred-magpie-741402.hostingersite.com/calculators-2/land-transfer-tax-calculator/
The City of Toronto levies an additional LTT on Toronto real estate in addition to the provincial rate.
Adjustment at closing-
This will include property tax and other utilities adjustment at the time of closing. The amount varies, but mostly it is under $1,000.
Mortgage Insurance-
This insurance helps buyer’s to buy home with low down payment. It may vary from 1% to 3.25% of the amount of your mortgage.
Property Insurance-
At the time of closing, you might need to pay $400-$800 for property and fire insurance.
In addition to that, the buyer should take moving expenses and some utilities account set up charges also into account.
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To search the MLS Listings available, you can click the following picture below-
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Calculators
Utilize any of these calculators helpful in various financial calculations during home buying process-
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