First-time Buyers
If you are looking to buy your first home, there is a lot you need to know and consider before making your decision. Maria will be able to guide you through all the necessary steps and ensure you're not overlooking anything, but here's a brief outline of things to consider:
- Contact EQUIFAX (1-800-278-0278 or www.equifax.ca) for a copy of your credit bureau report. If there's a problem, discuss it with Maria.
- Prior to making an offer on a home, apply for a pre-approved mortgage. Maria can help you with this.
- Select a home that is right for you, don't be pressured into buying one that doesn't suit your needs. What features do you want? Where do you want your home to be?
- Once you've been pre-approved and have found the home that's right for you, make an Offer to Purchase subject to financing. Maria can guide you through the necessary steps and advise you on the required documentation.
- As a first-time buyer, you can use your RRSPs to help finance your home. Ask Maria about the RRSP Home Buyer's Plan.
- Purchasing a home requires more than just a buyer and seller. You may require the services of a number of home-related professionals including: a realtor, a lawyer, a mortgage lender, an appraiser, a home inspector and a builder's representative. Maria can help you find the right professionals to fit your home-buying needs.
- You should be aware there are numerous other expenses that will add to the purchase price of your home. These can include: lawyer's fees, land transfer tax, registration fees, high-ratio insurance, compliance letter, tax certificate, provincial "New Home Warranty Program" premiums, mortgage appraisal and application fees, home inspection, land survey, title insurance, connection charges, property tax and pre-paid utilities adjustments, and interest adjustment. Maria can give you a thorough explanation of all these fees and can assist you with them.
- If your offer has been accepted then proceed through the Closing process. Again, Maria is there to assist you through this step.
- There are several types of insurance you may encounter when mortgaging your home. They can include property insurance, mortgage life insurance, mortgage default insurance, title insurance, home warranty insurance and repair warranty. Maria can explain your insurance options in more detail and may direct you to an insurance professional.
This is just a brief overview of the more important aspects of buying your first home. Mortgaging a home, especially for the first time, can be quite complex. Maria can guide you through the entire process, step by step, and help you find the best rate possible for the home you want.
