Guide To Buying A Home
OBTAIN A PRE-APPROVED MORTGAGE:
One of the first things you should consider when contemplating the purchase of new home is speaking with a mortgage consultant and obtaining a pre-approved mortgage. Having this in place will give you the confidence of knowing exactly how much you can spend on a home before you start looking. The other benefit of obtaining the pre-approval is you will protect yourself against interest rate increases while looking for your new home.
Always ensure your pre-approval commitment is given to you in writing and shows the interest rate and the specific time period the pre-approval is in effect for.
The down payment usually represents between 5% and 25% of the total price of the property. The more you are able to put down the more equity you will start out with which means you will pay less interest over the term of your mortgage.
DETERMINE WHAT KIND OF HOME FITS YOUR NEEDS:
Think ahead, a home should meet your needs for the next five to ten years.
Type of Home
- New Construction
- Semi Detached
- Condo High Rise
- Condo Low Rise
- No Preference
Desired Square Feet:
Desired Lot Size:
Desired Age of Home:
Desired Number of Bedrooms:
Desired Number of Bathrooms:
Other Desirable Features:
- Eat-in Kitchen
- Walk-in Closet
- Separate Family Room
- Home Office or Den
- En-suite Bath
- Separate Dining Room
- Family Room
TYPICAL ONE-TIME EXPENSES:
Not all expenses may apply, depends on the situation.
- Mortgage Application and Appraisal Fee
- Property Inspection (Optional)
- Legal Fees
- Legal Disbursements
- Property Survey (sometimes provided by seller)
- Land Transfer, Deed tax or Property purchase tax
- Mortgage interest adjustment and take over fee (if applicable)
- Adjustments for taxes and other property features etc. (fuel)
- Home and property insurance
- Moving Expenses