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If
you are a first time buyer the first thing you must do is educate
yourself. If you are reading this then you are definitely headed
in the right direction. Below are a few tips to help you along
the way to buying your first home.
- Join
the Mortgages In Canada Discussion Group. Not
only will you learn a lot just by listening to the group but
you can ask as many questions as you want without having to
feel "foolish" or "stupid".
- Get
a pre-approved mortgage. This is a good first step
in knowing what size of mortgage you will qualify for and what
sort of costs are involved in obtaining the mortgage. It will
also allow you to lock in an interest rate before you begin
the search for your new home. Your current bank can do this
or you can apply for a pre-approved mortgage right now.
- Find
A Good Lawyer. I know this is an oxymoron but you should still
TRY to find one. Find out what they will charge you to act on
your behalf. Many of them will not be very specific about their
fees so be persistent. Typically they will charge a fee + disbursements.
The disbursements add up very quickly so get an estimate of
the total cost of their services.
- Find
A Good Real Estate Agent. You will be relying on this person
to show you the home you will be living in for quite some time
so you want someone you can trust. There is nothing worse than
dealing with an agent that knows less than you do or who tries
to push you into buying every home you see.
- If
you are buying a resale home ALWAYS have a home inspection completed!
For a few hundred dollars a home inspector will view the home
with you and point out any shortcomings of the house. Buying
a resale home is like buying a used car...Caveat Emptor.
- If
you are buying a new home from a builder ALWAYS have your lawyer
review the Offer To Purchase before you sign on the dotted line.
Builders are notorious for burying extra costs into their offers.
Your lawyer will point these out to you and quite often you
can go back to the builder and negotiate these costs out of
the offer.
- When
you are buying a house act like you are at a garage sale. Everything
is negotiable! This is a great time to haggle, you can save
yourself thousands of dollars without much effort.
- Consult
a mortgage broker about your financing needs! A good broker
will save you money and help you avoid the headaches involved
in dealing with your bank.
If you follow
some of these basic tips you are bound to enjoy your new home!
Good luck!
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