Buying a home, whether it's your first time or as an existing homeowner, is a little overwhelming and it’s easy to get swept up in the excitement.
What to consider before looking
Before you even start to look for a home, the first thing to do is seek financial advice and qualification. Check your credit rating by calling either Trans Union of Canada at 1-800-663-9980 or Equifax Credit Information Services Canada at 1-800-465-7166.
Visit a financial institution and get pre-approved for a mortgage to figure out how much you can afford. “With the new mortgage rules, it's more important than ever to obtain a pre-approved mortgage even before starting your search,” says Linda. Not only will a pre-approved mortgage reward you with interest rate protection during your home search, it will help give you a realistic perspective when determining your options.
Seek qualified, professional help in through a real estate agent. This helping hand won’t cost you a dime since the seller pays the commission. Find an agent with a successful and proven track record who understands your situation and tastes and who you are confident can negotiate the best possible deal -- and has your best interests at heart. If you're thinking of buying new from a builder instead, your real estate agent will be happy to investigate the many builders who co-operate with brokers and take you personally to several sales offices. Experienced realtors can assist with negotiations too.