BUYER'S GUIDE

A Home Purchase Can Be A Daunting, Complicated Task, Especially If You Are A First-time Home Buyer. This Guide Will Help You Better Understand The Process.

STEP 1: BE FINANCIALLY PREPARED


The most crucial step in the home buying process is being financially prepared. This entails:​​​​​​​


  • Maintaining excellent credit, it is a requisite for mortgage loan approval
  • Paying off as much debt as possible, this will maximize the value of the mortgage loan you get approved for
  • Compiling important financial documents including proof of income & tax returns (up to 2 years), as well as 90 day bank statements. 
  • Having your down payment ready. A down payment is the minimum amount of money you put down towards a home purchase. The down payment is deducted from the purchase price of the home, while the mortgage loan covers the remainder of the amount.

STEP 2: GET PRE-APPROVED FOR A MORTGAGE


Once you’ve determined that you have the funds needed for the down payment, it’s time to get pre-approved for a mortgage!​​​​​​​​​​​​​​


In order to qualify for a mortgage, you will go through a pre-approval process with the lender. The lender will assess your finances during the process to determine the maximum amount of money they’re willing to lend you, and the interest rate they will charge you for it. The lender will look at your assets, income, debts, credit history, and the down payment amount you’re offering.


The pre-approval will help in your search for a home that fits your budget and proposed loan amount.

STEP 3: ESTABLISH SEARCH PARAMETERS


Once the financials are out of the way, it’s time to establish some search parameters:

  • Location: Its important to narrow down your criteria geographically based on multiple factors and what you value most, be it amenities, transportation, parks, school districts etc…
  • Features: Put together a list of “must-haves”, a list of “nice-to-haves”, and a list of “things to avoid”
  • Timeline: What is your ideal timeframe? how soon would you like to move in? Is there any urgency to find the perfect home?

STEP 4: VIEW HOMES WITH YOUR REALTOR


Keep your “Must Haves” checklist in mind and keep a journal or guide of the different houses you’re interested in.  

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Provide your realtor with ANY feedback regarding the properties that you view. Both positive and negative feedback can be very helpful for an agent to find exactly what you want.


It is important to note that you may not be able to find everything you’re looking for in one property; no one property will check all your boxes, but your realtor will work with you to the best of their ability to find you a home that ticks off most of the items on your checklist and still falls within your budget range.

STEP 5: MAKE AN OFFER


Once you’ve found your perfect home, its time to submit an offer! Work with your realtor to:


  • Negotiate an offer based on the fair market value of comparable homes in the same neighborhood
  • Establish a strategy to get the most from your offer and have the best chance of it getting accepted. Decide on the terms and conditions of the offer based on the seller’s preferences when reviewing the offer, and based on whether there is an offer presentation night.

STEP 6: DUE DILIGENCE


Congratulations! Your offer has been accepted. Ensure that the deposit is paid within the timeline agreed upon in the offer.


If your offer was conditional on home inspection, financing approval, status certificate review, work with your realtor to fulfill those conditions during the due diligence period.


Depending on the outcome of each condition, your realtor will prepare a Notice of Fulfillment to move ahead with the transaction, an Amendment to The Agreement of Purchase & Sale to adjust the price or request repairs, or a Mutual Release to nullify the Agreement.

STEP 7: CLOSING


Prepare for closing by getting your affairs in order:


  • Hire a real estate lawyer to execute the transaction on closing
  • Arrange for homeowner's insurance
  • Finalize the terms of your mortgage with the lender
  • Contact utility providers to setup utilities on closing
  • Arrange moving services
  • Setup mail forwarding to your new home address


READY TO START YOUR SEARCH?

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DIANA OACHIS REAL ESTATE GROUP

1300 Bloor St. 107 Mississauga, ON L4Y 3Z2

O: (905) 542-1114

M: (416) 880-1606

info@dianaoachis.com

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