Are you ready to buy?
You should already have saved some of your down payment and you should be good at managing debt like credit cards or student loans. A mortgage is a financial responsibility that also requires constant upkeep.Decide how much you can afford -
Use this simple equation to consider what you can expect after you’ve saved for your down payment. The cost of buying a home = one time costs (down payment, legal fees, inspection fees and taxes) + monthly costs (mortgage, utilities, maintenance, insurance and property taxes).Decide what you want to buy -
First, decide where you want to live (urban, suburban, rural) and then decide which neighbourhood suits you best and what type of home (detached, attached or apartment) you want. Whether or not the property is new or resale may also affect your costs. See what’s out there -
REALTORS® run an incredible search tool called the Multiple Listings Service® (MLS® for short) which contains information on property listings. Wallace & Green can send you listings that fit your criteria and together, we can draw up a short list and visit a handful of homes to make an educated and wise decision. Sell your current home -
It’s the age-old question, do I sell my home before I buy, or do I buy my new home before I sell? It’s natural to want to buy your new home first so you have the security of knowing where you’ll be living. But there are advantages to selling first, buying later:
- You’ll know how much your house is worth, so you can be surer of how much you can spendo There’s a chance you won’t have to make your offer subject to financing
- You might be able to arrange a long closing to give you time to look
Add some specialists to your team -
- It could be a stressful situation, but it’s also stressful to own two homes!
A mortgage broker may be able to get you the best possible rates. A notary public or a lawyer will help you understand the many legal documents that come with buying your home. A home inspector can save you from unpleasant surprises when you move in. Wallace & Green have strong relationships with all of these professionals and would be more than happy suggest a few for you to choose from. Make an offer -
Wallace & Green are expertly trained and will prepare your offer for you!. Arrange a mortgage -
There are hundreds of banks, credit unions and other lenders. How do you select which one is best for you? Now is not the time to be money-shy! Talk to your financial institution and call around to others. Ask friends, family and colleagues. Wallace & Green are very knowledgeable about mortgages and have lots of good advice to give. They would also be happy to provide you with a variety of trusted mortgage brokers for you to choose from.Close the deal and move in -
Your offer has been accepted! Great news! Wallace & Green and a notary public or lawyer will do most of the closing work. But make sure to ask about any conditions of the agreement that require immediate action on your part. Before you know it, you’ll be handed the keys to your new home.