01. Deciding Where & what
Let’s get started! The first step is deciding where you want to live, what type of home you are looking for and what features are “must have’s” or “would be nice to have’s” in a home. Invariably, there will be tradeoffs, but rest assured I am here to help sort through the options to find you the best house, at the best price and with as many of your wants and needs as possible.
02. Getting Pre-Approved for a Mortgage
The mortgage industry is a highly competitive field and it is important to understand that interest rates can change at any time. Partnering with a mortgage advisor and/or financial institution to help you find the right mortgage product at the best rate is key to your home buying process.
03. Choosing the RIGHT Realtor
When you engage the services of your own personal agent—someone who is under contract to work solely in your best interest.
Your agent will arrange showings, assist with arranging the right people (mortgage, inspector, lawyer, etc.), provide details about the property, explain all the forms and agreements relate to buying the property. Along with these, your agent provides honest, loyal and diligent care, free from any conflicts of interest, expert advice on market value and property aspects, expert negotiation and a vast array of more.
04. Become an Educated Buyer
Educated buyers are able to make informed decisions creating a stress free and enjoyable home buying process. With that in mind, my exclusive Home Buyer Service Program will empower you with key market information and every possible advantage to ensure you become an educated buyer.
05. Making an Educated offer
Your agent will conduct a CMA (Comprehensive Market Analysis) complete with comparable active and expired listings, recent solds and historical data relevant to determining the market value of the home. Your agent will then prepare an offer that protects you, follows your instructions while explaining the terms and clauses of the offer. After you review and sign the offer, your agent will present the offer on your behalf and keep you updated with the status of the offer.
06. Conditions, Home Inspections and Waivers
This usually involves performing a home inspection, getting the rest of your personal information and the property information to your mortgage broker or bank and arranging for the other information that might be necessary, like surveys, water tests and condominium documents. I will help you make the necessary arrangements to ensure that the entire process runs smoothly before the deadline.
07. Preparing to Move
Typically you will have anywhere from 30 to 90 days to get everything ready for your home. It could be shorter or longer, depending on what you need and have agreed upon with the seller. The closing date is usually the same as your move-in date. It is a good idea to get things organized well in advance of the closing date to reduce the stress of the move.
This includes communicating with your lawyer, preparing down payment and closing costs, movers, insurance, change of address, and utilities.
08. Congratulations! It's Time to Move
As your personal REALTOR®, we know our role doesn’t end just because we’ve handed you the keys. We are here to recommend contractors or other professional services, address any issues with your home after moving in, any questions you might have for the previous owner, evaluation of your home over time, advice and consultations of home improvement and much much more!
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HOME BUYER'S GLOSSARY
AMORTIZATION SCHEDULE
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
Comprehensive Market Analysis (CMA)
The process of determining the market value of a property.
Mortgage
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
Term
The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed or variable for whatever term one chooses.
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Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
CENTURY 21 Percy Fulton Ltd. Brokerage
INFO & SERVICES
CENTURY 21 Percy Fulton Ltd. Brokerage
2911 Kennedy Road, Toronto, ON M1V1S8
(416) 298-8200
INFO & SERVICES
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