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5 STEPS TO BUYING 
 YOUR DREAM HOME

STEP 1-

MORTGAGE PRE -APPROVAL

I can’t stress enough how important it is to get a mortgage pre-approval BEFORE you start

searching for a new home. A mortgage broker will do all the work for you in finding the best

rate and best mortgage package.

Your lender together with your mortgage broker will determine how much you can afford.

Benefits to a Mortgage Pre-approval

• You know in advance exactly how much you can borrow

• Makes searching for a home easier knowing your price range

• You can lock in interest rates with your mortgage broker for 60-90 days while looking for a home.

• Helps with negotiation as sellers see you are a prepared and serious buyer

• Half of the work is done in arranging financing once it is time to finalize your mortgage

STEP 2 –

HIRE A REALTOR AND START YOUR RESEARCH

Doing your research beforehand is key to finding your dream home. The main things to identify in your research are the locations in which you wish to reside, and the features you wish to have in your home (identify your needs and want).

• Drive around the areas in which you think you may wish to settle in

• Consider your life-style today and where you think it may be in the future

• Think about how long you might want to live in these neighbourhoods

• Ask your realtor about growth prospects and property developments in the area.  

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STEP 3 –

VIEWING PROPERTIES & MAKING OFFERS

Your agent will collect all of your desired criteria for a new home and search MLS listings with your specifications and within your price range and will present to you potential properties complete with information that is not public and available only to realtors.Your agent arrange appointments to view selected homes at a time convenient to you.

I will collect all of your desired criteria for a new home and search MLS listings with your specifications

and within your price range.

Making your offer to Purchase :

Once You’ve found the home you want, in a location you like. Now it time to make an offer to purchase for a price and terms that are agreeable to both you and the seller. Here’s where working with an experienced realtor can give you the upper hand. Different market conditions require a different approach – a seller’s market might mean lots of competition, requiring you to come in at or over asking price with few conditions, while a buyer’s market means you have choice and time is on your side. Lean on your agent on how to best handle the situation. 

You can trust your Realtor to draft an enforceable contract on your behalf with terms that reflect your best interest. 

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STEP 4 – DUE DELIGENCE 

Once your offer has been accepted now is the time to make sure everything before you seal the deal.

  • Arrange for an Home inspection

  • Title Review and review of contract by your Real Estate lawyer

  • Arrange for a mortgage

  • Arrange for insurance coverage for your property

  • Review Strata Documents ( if applicable )

  • Have your Deposit Ready for after Subject Removal (usually within 48 hours of final subject Removal)

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STEP 5 – CLOSE THE DEAL 

A lawyer or a notary public can prepare the documents for transferring property ownership and money from your lender to the seller. There are advantages to hiring a lawyer as they can act on your behalf if there are complications, and they can explain in more detail the legal aspects of your mortgage. Your lawyer now does all the complicated work for you according to the Contract. Be available for your lawyer to inform you of information and payments needed.

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