KNOWING THE STEPS SAVES YOU TIME & MONEY
STEP 1 | PRE-APPROVAL
Getting pre-approved may be one of the most important things to do before beginning your search for a new home. This essential step will establish the right price range of home that meets the right monthly payment for you.
The process mainly involves a credit application, and providing proof of employment and income. Many institutions now offer the application online.
STEP 2 | PAYMENTS & CLOSING COSTS
Any down payment between 5% and 19% is considered a high ratio mortgage and must be insured to protect the lender in the event of buyer default.
Insurance offered through CMHC typically ranges from 1% - 3.25% of the pricipal. In addition to the down payment, you should also set aside 1.5% - 2.5% of the total purchase price for closing costs.
STEP 3 | FIND THE RIGHT REALTOR�®
Buying & selling a home is an important partnership. I'll be there to walk you through every step and ensure the best possible value.
My promise to provide you with valuable market knowledge and the most effective marketing approach is backed by the Coldwell Banker�® Ultimate Service Garuantee�®.
STEP 4 | HOUSE HUNTING
Now it's time to go out and find that perfect place to call home. Together we'll identify a list of available properties matching your specific criteria.
We'll take the time to review all features and benefits of both the home and the neighbourhood, then schedule home tours. Once we've zeroed in on the right home for you, it's time to make an offer.
STEP 5 | OFFERS & NEGOTIATION
In a market where several buyers may be competing for the same property, it’s important to have me working for your best interests and make intelligent offers fast.
Negotiations cover details such as selling price, mortgage arrangements and what items in the home are and are not included.
STEP 6 | INSPECTIONS & CONDITIONS
Hiring a professional home inspector to detect potential problems can save you a lot of money and headaches down the road. Any issues needing to be repaired or replaced will have to be negotiated.
Once the bank has approved the loan, and all other conditions have been met, we're able to move forward with final closing.
STEP 6 | CLOSING & MOVE IN
On the closing day, your lawyer will combine your down payment with your initial deposit, request the mortgage funds from your lender, then pay the seller in exchange for the keys and land title to the property, congradulations!
Move in and make the house a home.