Let me help you every step of the way. When purchasing a home, you are faced with a multitude of decisions! 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 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. I 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 always 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 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. Being preapproved for a mortgage amount and qualifying for a mortgage after you have put in an offer to purchase are two different things. When you become prequalified the mortgage professional is suggesting an amount that you would qualify for. When you actually submit an offer to purchase to your mortgage professional to forward, there are other institutions that are deciding the risk and acceptance of giving you the opportunity to receive a mortgage. There may be some factors that may cause a disruption in your lending ability. Examples: purchase of a large ticket item that requires payments, not making payments affecting your credit rating, appraisal is not satisfactory, house has been flagged etc.
If you already own a home you must find out the following: how much you still owe on your home, if there is a payout penalty, if they are any grants or subsidies that would have to be returned.
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 all listings here at my website.
I Will Help You Every Step Of The Way
I will act in your best interest and advice you throughout the process. Whether it be searching for homes/property, negoiations and provide you with information so you will make an educated decision. I will also ensures documents are forwarded to your mortgage professional and your lawyer. My top priority is to make sure that your home buying experience is pleasant, cost-efficient, and successful.
See the items below that will assist you as well: Expenses, After Removal and Possession which is also known as the Closing Day.
Your largest initial expense is the deposit that is submitted at the time of the offer to purchase. It will be held in trust on your behalf at the brokerage. The deposit demonstates your commitment to the seller to complete the purchase. The amount of the deposit may be negociated and will depend on factors such as purchase price, possession date and market conditions. It will go towards the purchase of the home.
A down payment is the amount required at the time of purchase and goes towards the price of the home. Typically the following down payments are required: at least 5% for home, 20% for investments, 25% for land. Make inquires with your mortgage professional regarding opportunities for loans, grants, useage of RRSP's etc. Also inquire about mortgage plus improvement programs.
Often buyers assume that the only funds they will require upfront when buying a home is the down payment and the deposit. This is not so. You will need to have additional funds set aside for the closing day also known as the day of possession to cover closing costs. It is recommended to budget 1.5% for closing costs.
Example: Purchase price $300,000 x 1.5 % - $4500
There are several factors that may need to be considered depending on the circumstances. See the list below
- Legal Fees and disbursements
- Land Titles Transfers
- Real Property Report/Surveyors Certificate
- Property Taxes should the seller rquire reimbursement
- Utility Deposit for Services
- Service fees for inspections requested by the buyer: home inspection, appraisal etc.
- Mortgage Profession Fees
- Mortgage Loan Insurance Premium
- Mortgage Application Fee
- Moving Expenses
- Miscellanous Adjustments
- GST on new builds depending on price point
- Condo or Strata Fees
The Information Services Corporation also known as ISC is responsible for Tranfer of Land Titles. Land Title Transfers are a cost to the buyer through the lawyer and is part of the closing costs. Your lawyer will register the Land Title Transfer. The fee ISC charges is $3.00 per thousand dollars of the purchase price or 0.3% of the purchase price.
Example: Purchase Price: $300,000 x $3.00 = 900,000/1000 = $900
$300,000 x 0.3% = $900
After Removal of Conditions
It is important to obtain home insurance (may vary if you are not purchasing a free standing home or property). You must obtain home insurance prior to possession to receive a mortgage. Your mortgage professional and lawyer may ask for a certificate of insurance. Choose a company you want to obtain insurance from. They will ask you several questions regarding the home to assess value etc. It would be of use to take a copy of the MLS lsiting of the property to bring with you. If the home has an alarm system that is staying in place or you are having a security system installed, pass that information along to the insurance broker as you may receive a reduction in your insurance premiums. Ensure you have insurance on the property scheduled for your possession date.
Prior to possession you will must schedule an appointment to meet with your real estate lawyer to sign documents
Make arrangements to have services such as SaskEnergy, Utilities, SaskPower for possession date. Other services to consider, communication and internet serices, postal service if a postal box is required. Here is a website to refer to where you can make arrangements online and remind you of services that will require a change of address: Express Address
It is important to find out how you will pay for your taxes. The City of Saskatoon has a TIPPS Program to pay taxes monthy. As Does Warman and Martensville. Call the town office to find out how you can set up your payments.
Once the funds and documents have been completed and verified by the lawyers and the financial institutions, the sellers lawyer will call to inform me that keys are releasable for the date and time as dictated in the offer to purchase. Sometimes there is a delay if everything is not in place therefore dates and times are not set in stone. I will meet you at the property if instructions are forwarded and we will go through the property to ensure all is as it should be. If all is well you will take possession and if there are any issues, I will contact the other REALTOR®.