Arming yourself with a good mortgage broker is just as important as your relationship with your realtor or lawyer.  We are all part of a team to get you the house of your dreams. Just like you will most likely call multiple moving companies to compare services and fees, do the same with lenders! Mortgage interest rates and other costs vary from lender to lender, but many don’t bother to shop around. By comparing different lenders, you will most likely save hundreds of dollars, so shop until you find the best lender. My best advise is to work with a mortgage broker who can help educate you about different types of mortgages, how to pay off your loan faster, and create a good relationship for life.  Working with a broker will also save you from submitting all your information to multiple banks.  They can help you work with your preferred bank or find you a deal you may not have known existed.  If you need a referral just reach out and I can get you in touch with someone who can be part of your team!

Sure, you want a home that checks off the items on your wish list and meets your needs. Being nitpicky about a home’s cosmetics, however, can be short-sighted if you wind up in a neighborhood you hate. Ask me about the neighbourhood or better yet, tell me what you need and I can point you in the right direction for a community that will best suit your needs and lifestyle. Measure your commute time and take things like proximity to hospitals, grocery stores and amenities into account. Visit the neighborhood at different times to get a sense of traffic, neighbour interactions and the overall vibe to see if it’s an area that appeals to you.

I always recommend that you have a home inspection done. In the scheme of things, paying a few hundred dollars to have peace of mind that there are no hidden dangers or problems is well worth the money.

Closing costs are typically 1-2% of the purchase price, and while many fees are found in every transaction (e.g taxes, lawyer fees etc.) You may incur extra costs depending on the type of property you purchase and the area. Additionally, keep in mind that you may need to upgrade or fix certain areas of your new home, or you will need an unexpected repair not long after your purchase. Therefore, make sure you don’t use up all your savings and budget to pay for closing costs, the down payment, moving expenses, and some extra money in case of urgent repairs. If your looking for a more in depth list I encourage you to take advantage of my FREE Buyer’s Handbook.

When you have the keys! When you are financing your purchase, it takes four to six weeks for your loan to be processed. Once the lender gives the all-clear, closing is scheduled. You will sign your loan documents and both parties will sign documents transferring ownership to you. Unless other arrangements have been agreed upon by both parties, the sellers should have completely vacated the home when they sign the closing papers. You can have your belongings ready to move, and a moving company scheduled before you go to closing. At closing, you will receive the documentation you need to provide utility companies with proof of your new residence.