Mortgage Corner - Information makes the difference.
The Right Home
You have a pretty good idea of the price range you can afford, and now
it's time to fine tune and have everything come together.
Step 1: Pre-approved Mortgage
Obtaining
a pre-approval tells you exactly how much you can afford and
guarantees your rate for up to 120 days. Now, you can buy a home with
the confidence of knowing you qualify. It also shows the vendor you are serious about buying
the home and keeps you several steps ahead of others in the market.
Step 2: Preparation
Now that you know your
price range, you can begin the search. First, make a Checklist of your
needs the home will fulfill, such as: type of home, type of ownership,
location, inside and outside features, condition, and other matters
such as property tax levels, etc. At this time, you should decide on a
lawyer so that he/she will be ready to check all legal documents to
ensure your interests are protected.
Step 3: The Search, for house and agent
With your pre-approval,
personalized needs checklist, and lawyer at hand, you are ready to
start looking at properties. At this time, it is important to find
yourself a real estate agent to help you with your search. The real
estate agents have a lot of information readily available for sale
and the current selling prices. They can help
you fine tune your personalized needs checklist; explaining the types
of property and ownership, recommending neighborhoods, pointing out
inside and outside features, and condition of a particular property.
The agent also is skilled at preparing the paperwork involved in making an offer to purchase and closing the sale (your lawyer will be handy here to review any offers). Make sure that you communicate your needs clearly, as you are responsible for all decisions. Choosing the right agent is important for you as you are placing a lot of trust on them to help you with your purchase. Ask friends and relatives if they could recommend someone. Chances are, if they are recommending them, there was something about the level of service and commitment they received from them. Once you have found the right home, visit it at least twice, once in the daylight and once at night, and have your needs checklist with you. Step 4: Making An Offer
If you have decided
that this is the right home for you, decide on a figure and have your
agent prepare the Offer (Agreement of Purchase And Sale). With your
agent, list everything you want included (i.e., conditions on
financing and inspection, survey clause, appliances, light fixtures,
etc.). At this time, you may want your lawyer to check it out, and
certainly prior to waiving any conditions to make the offer firm.
A firm offer: means that you will buy the property as outlined in the offer of purchase and that there are no conditions attached. Once the vendor accepts the offer, you are both bound to the agreement. A conditional offer: means that you will buy the property if those certain conditions are met. We recommend that a condition on financing is included, especially for high-ratio insured mortgages. If you have a condition on financing clause, get in contact with us right away. We'll get right on it to finalize the mortgage approval. At this time, you will need the following information:
Once all conditions have been satisfied (the offer has been accepted), a deposit is required as a symbol of commitment to the offer of purchase, and it is made payable to the listing Real Estate Firm "In Trust". Interest on the deposit can be requested, and this deposit will be applied towards your down payment on closing. Step 5: Closing the deal and taking possession
After the mortgage has
been approved and all conditions waived, you must deliver the
following documents to your lawyer:
On closing day, the lender will provide your lawyer with the agreed mortgage funds to close the transaction. Your lawyer will register the property and the mortgage in your name, and obtain the keys and the deed for you. |
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John Mercer |
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johnmercer.realtor@gmail.com | |
Right At Home Realty Inc., Brokerage |
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895 Don Mills Road, Suite 202, Toronto, Ontario M3C 1W3 |
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Direct 416-219-8098 |
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Home 905-895-2496 |
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Office 416-391-3232 |
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