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Home buying steps revisited

Buying a new home is a complex process, but it does not have to be difficult. Knowing where to start and which steps to follow will make your home buying process a good experience. The following steps are sure to get you on the right track and into your new home:

1. Determine the location and the type of home to suit your needs
2. Apply for a pre-approved mortgage quote with our professional mortgage brokers
3. Get your finances in order
4. Start your new home search (See: MLS)
5. Hire professional services (including a lawyer and home inspector)
6. Arrange a home inspection
7. Make an offer

Determine the location and type of home to suit your needs

Most people will have an idea of where they want to purchase their new home based on familiarity and convenience to their current situations. For example, living close to work or schools might be a priority or selecting a certain area of town because of parks and amenities. This is also a good time to think about how much you want to spend and what you can afford, but do not start looking just yet. Wait until you get that pre-approved mortgage!

Apply for a pre-approved mortgage

Use our easy and convenient online application to get pre-approved for your mortgage today. Our professional mortgage brokers are here to help you every step of the way. We will evaluate your current situation and find the best possible mortgage to suit your needs.

Get your finances in order

After being pre-approved, it is a good time to make sure you have the finances to cover your deposit and disbursements on your anticipated purchase. After getting a pre-approved mortgage and knowing how much you can borrow, having the money to put down is essential. Your deposit is also based on the amount you intend to borrow and that deposit must come from personal savings or a gift. This amount cannot be borrowed.

Start your new home search

Now that you have a pre-approved mortgage and your finances in order, you can start searching for your dream home. How you find the perfect property is entirely up to you. Many home buyers enlist the services of a realtor, while others do it on their own. It is important to only look at homes within your budget as not to be disappointed later. However, as offers can be made you might be able to persuade a seller to lower the price if it is reasonable to do so.

Hire professional services

After finding the perfect property that you want to purchase, you should hire a lawyer and a home inspector. These expenses should have been included in your budget when you prepared all of your finances for this venture. Our professional mortgage brokers can help you find these services if you are unsure of where to look.

Arrange a home inspection

It is a good idea to get the property inspected before making an offer. You want to make sure that the home is everything it is made out to be by the seller. It is important to make an informed decision on an investment that will mean so much to your future. If there is pressure from other interested buyers, you can always make a conditional offer while conducting the home inspection to secure your position of interest. (See: NACHI)

Make an offer

After the home inspection is complete and you are satisfied that property is a sound investment, you can make an offer. This can be done by presenting the seller with an offer of purchase. Sellers have the right to accept, reject or put in a counter-offer. Remember to include all the necessary details in your purchase offer and the deposit will be paid to the seller at this time.