CREDIT - Review and Build Your Credit
Your credit standing will be one of the indicators that the bank uses to determine how much money they can approve you for in a mortgage.
Order your credit report. I recommend using Equifax, where you can get a credit report for free. If you visit their website, www.equifax.ca , print and complete their form, and mail/fax it in with required documents. Review your report and check for any mistakes, accounts or debts that are not yours. If there is a problem, dispute any errors and report it to Equifax/Creditor.
Paying your bills on-time is VERY important. Pay before the due date, never late. When you pay late, your credit score is affected. If there is a problem with your credit, you need to work on it.
MORTGAGE – Be a Preapproved Buyer
After the credit report review, visit your local bank and meet with a mortgage specialist or contact a mortgage broker. They will go over your credit, review your salary, and determine what amount of mortgage they can offer you and at what interest rate. This process will tell you what is the maximum house price you can afford.
A down payment for the home purchase is also important. Most banks will require 5% down on your home purchase. Along with the down payment, you can expect another 1-2% of the purchase price in closing costs. Save your money!
HOMES - Start Looking and Educate Yourself
Make a list of the things you NEED in a house, and also a list of the WANTS. Needs are things like minimum number of bedrooms, bathrooms, etc. Wants are things that are nice to have such as hardwood floors and granite counter tops.
Go online to www.mls.ca and search for homes that meet your needs, and see what homes are like in that area and price range.
Next meet with a Real Estate professional. They will go over the above mortgage approval, your needs and wants in a home, and be able to discuss homes and areas that you are thinking about purchasing. I am happy to answer any of your questions over the phone, or meetup with you to discuss your needs and help make the home buying or selling process easier.
There are some other things to think about such as mortgage insurance, buying homes with the best resale value, and more that I can discuss with you further. I’m available anytime to review any of the above information, or answer any real estate questions.
Contact me anytime.
Royal LePage Burloak Real Estate Services
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