Purchasing A Home


Mortgage Pre-approval

Before you start the house-hunting process, there’s an important step you can take to save you time and make the process smoother: getting pre-approved for a mortgage. A pre-approval determines the home price you can afford which allows you to budget for your home purchase and focuses your home search. With a pre-approval you’ll also be able to lock in a mortgage rate in case rates increase during your home search.

What is a Mortgage Pre-approval? A mortgage pre-approval is a process that provides you with important information to help you with your home search. When you get pre-approved for a mortgage, you’ll find out:

-The maximum amount you can afford to spend on a home

-The monthly mortgage payment associated with your maximum purchase price

-What your mortgage rate will be for your first mortgage term

Applying for a mortgage pre-approval is free and it doesn’t commit you to one single lender.

We can arrange your mortgage pre-approval call us at 416 830 1510 or request a call back

After You Receive a Mortgage Pre-approval

Once you’ve been pre-approved, you’ll know the maximum amount you can afford to borrow, as well as the mortgage rate lenders are willing to offer you. You can then take the maximum mortgage amount and use it as a guide during your house-hunt, so you only view homes you know you can afford to buy. Call us at 416 830 1510 to get the house hunting process started.

Home Inspection

When you start shopping around for a home, it’s easy to get caught up in the excitement of it all – especially when you find your “dream home”. Unfortunately, looks can be deceiving, and what’s behind the walls could actually be a mess – one that could cost you a lot to fix. For this reason, we suggest all buyers commission a home inspection before they sign an Agreement of Purchase and Sale. Here’s some information on what’s involved in a home inspection and how you can find the right inspector for the job.

Deposit

When your offer on a home or condo is accepted, you might be surprised when your real estate agent asks you to include a small deposit with it. Not to be confused with your down payment, a deposit is essentially an offer of good faith to the seller that you are serious about purchasing their home – even though you still want to get a home inspection and your mortgage financing in place, before signing on the dotted line.

Once you sign the accepted offer, the deposit is applied against the purchase price of the home – so it’s not technically an “extra cost”, but it’s still a part of your home buying budget.

5 Costly Mistakes Home Buyers Make

Mistake # 1

Not knowing what they can afford before making an offer.

The best way to avoid this is to get pre-approved for a mortgage so you know exactly how much you can afford. Usually pre-approvals are free.

Mistake #2

Not knowing who the agent represents.

Unless an agent is working as your buyer representative, they represent the seller. Many people don't realize this.

Mistake #3

Choosing the wrong mortgage.

A bad mortgage can cost you thousands in taxes and interest. Consult an accountant before you choose your mortgage.

Mistake #4

Not finding problems with the home before buying it.

You should always have a professional inspector look at the home before buying it, otherwise you could be looking at huge repair costs later on. Read this guide to avoiding a money pit.

Mistake #5

Not understanding how their credit can impact their ability to purchase or refinance a home.

Get a mortgage professional to help you go over and prepare your credit file before you buy a home.

Are you looking to purchase a home? We will guide you and help you avoid costly mistakes! Call us at 416 830 1510 or request a call back

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