Thrilling! Exciting! Overwhelming! Purchasing your 1st home can certainly be a mix of emotions.
Are you thinking about making the leap into home ownership? You must have a million questions running through your mind (I certainly did when I was trying to purchase my 1st home!).
I would love to be able to answer those questions and help put your mind at ease. Here are a few words of advice to help you on your journey…
SHOW ME THE MONEY
It is a great idea to speak with a mortgage broker about getting preapproved before you begin to search for your ideal home. This will save a lot of time and disappointment in the long run.
Job stability, credit score, debt ratios and net worth are the determining factors in getting preapproved.
*Preapproval – A tentative promise from a lender that it will loan you a certain amount of money for the purchase of real estate, for a certain term and at a certain interest rate. Source: www.firstfoundation.ca
DO YOUR HOMEWORK
It is wise to view the comparable properties that are currently on the market, but it is equally (if not more) important to ask your REALTOR to review comparable SOLD properties.This will help you ensure that you are not overpaying and in are in fact getting a great value.
3. CLOSING COSTS
Just to be prepared, you should be aware of the fees that you can expect when purchasing your 1st home. Here are the majority of the fees that you will incur
- Down Payment(usually 5%, can be more. Also, when making an offer, a deposit is also required (usually $1000) – this is part of your down payment)
- 1% Land transfer tax (1st time home buyers are exempt if the home is under $200 000)
- Legal Costs (Title search, property tax adjustments, registration of deed, registration of mortgage, etc. Costs will vary)
- Home Inspection
- Moving expenses
- Fuel adjustment (example: when you take possession your oil tank will be FULL, but you are required to pay for this oil. Your lawyer will add this to your closing cost fees)
Would you like to feel like you are not alone during this intimidating process? Would you like to have someone by your side, helping you every step of the way?
Working with me, you will not feel left on your own. I will be with you every step of the way. Contact me today if you would like to make this important milestone as stress free as possible.
Erin Gibbons - REALTOR®
Century 21 Colonial Realty