Step 1: Get pre-qualified
- Going to the bank to get a pre-qualification allows you to get a good idea of what your budget is. The last thing you want is to find your dream house only to find out that you can't afford it.
Step 2: Find a Realtor
- A lot of people may want to skip this step to avoid paying the commission, however having a professional to help you through this process becomes very beneficial and lessens the headache if you were to do this on your own.
- We are skilled, trained and have the resources to find you the best property within your budget.
- Meeting up with a real estate salesperson allows us to get to know you better and understand your wants and needs.
- You may think you are saving on commission but when it comes to putting in an offer, you may be paying more than you should.
Step 3: House Searching
- Tell your real estate salesperson what your criterias are and he/she will do the searches for you
- You are able to do the searches yourself via realtor.ca, looking through home magazines or even just coming across a "For Sale" sign in your neighbourhood. Tell your real estate agent about the houses you are interested in and he/she will schedule a showing for you to see the house.
Step4: Presenting your Offer
- So you found the right house and now you are putting in an offer on the house
- Understand that the sellers may not take your first offer. It can go back and forth before you both agree.
- Finally you both sign the "Acceptance of Agreement" and everyone is happy with the conditions and price
Step 5: Getting the Mortgage
- Your lender will verify your financial information and tell you what's needed to complete the mortgage application
- Your lender will tell you the different types of mortgages that fit your needs ie. open, closed, fixed, variables, terms
Step 6: Closing Day
- Is the day you take legal possession of your new home
- This is where the duties of your lawyer kicks in.The final signings usually happen at the lawyer's office.
- All the money transfers happen on this day ie. lender gives mortgage to lawyer, downpayment is given to your lawyer which is then paid to the seller, closing costs are paid ie. property tax, ulitiy bills and the deed and keys are given to you!