Your first home purchase is exciting, but it can also be stressful. Here are some tips to limit the stress and help you find the home of your dreams!
1. Talk to a Mortgage agent/broker/specialist about getting pre-approved. You will have to provide information about your income, debts and credit. The mortgage agent/broker/specialist will take care of the legwork of pulling your credit report, checking your debt-to-income ratio, and will complete a more in-depth analysis of your financial situation. In most cases, you’re much better off getting pre-approved so you don’t have any surprises when a lender checks your credit report. You will be given a dollar figure and or range and then you can begin to determine what homes are options for you.
2. Prioritize Your Needs and Wants. When working within a budget, sometimes you have to make some compromises. Knowing what you really need can help narrow your home options and also make decisions easier when it comes to making an offer. Create a checklist of your needs and wants. Don’t forget to include things that aren’t actually a part of the house, but important, such as the neighborhood, commute, school districts etc. A home is the biggest purchase you’ll probably ever make. Stay focused and don’t let emotion guide you. Write down a list of must-haves, nice-to-haves, and can’t haves before you start visiting homes. You’ll save time, help your agent work more productively, and keep yourself from getting carried away—into the wrong house.
3. Contact the Leading London Team | Mike & Sarah Vander Vloet at 519-601-1160, to arrange a time to meet with us and go over your wish list. We will narrow down the search based on your criteria and price range and will help you through every step of the home buying process, from finding your dream home to negotiating the best possible terms, and explaining everything along the way.
4. Be aware of all Cost associated with Home Ownership. When viewing homes you should keep in mind the total expense of home ownership and factor property tax and cost of utilities into your monthly budget. Upon the close of the property you as the buyer will be subject to Land Transfer Tax, which applies to all conveyances of land in Ontario. As a first time homebuyer you may eligible for a refund of all or part of the tax payable. You will also need to prepare for the expense of lawyer fees and closing costs on the day of completion of your transaction.
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