1.  First...arrange your financing!

a. Meet with a mortgage specialist to determine how much of a mortgage you qualify for.  Then arrange pre-approval of your mortgage with your Bank or a qualified Mortgage Broker. Ask about the commitment period of your pre-approved mortgage.

b. When arranging your mortgage make sure your mortgage specialist explains:

                                          i.      Income qualification and debt service ratios1263068

                                         ii.      The difference between an open, closed and variable mortgage

                                         iii.      The various interest rate options

                                         iv.      Prepayment privileges

                                         v.      Payout penalty

                                        vi.      Weekly and bi-weekly payments and how they are calculated

                                       vii.      Appraisal and legal fees

                                      viii.      Provides legal options i.e. Lawyer or Notary Public.

c.  Make arrangements for a down payment.

2.  The fun part – look at properties!

a. Buying a home can be an enormous undertaking, so be sure to retain the services of a REALTOR® in order to save time, explore options and guide you to the right neighbourhoods.

3.  Once you’ve found that perfect home:

a. It’s time to present an offer!  This will include a deposit to be held in trust, a loan pre-approval letter if you are financing the purchase and a written purchase agreement.  This agreement will outline your terms of the purchase and subject clauses, in order to own the property.  This is a legally binding agreement and should be carefully prepared by a knowledgeable Realtor who is qualified to cover all of your interests.  Your Realtor will then negotiate the terms on your behalf.

b. Your Realtor will obtain a title search outlining any9441256 easements, liens,  restrictive covenants etc. 

c.  If purchasing a condo, your Realtor will review all strata documents with you.

d.  Next, work towards removing all subject clauses, such as a home  inspection etc.     Obtain fire insurance.

e.  Once all is finalized and you are completely satisfied, attend the closing and sign final papers.

4.  Prepare for your new life in your perfect home!