Start Saving for a Down Payment: Determine how much you need based on the purchase price. For homes under $500,000, the minimum down payment is 5%. For homes between $500,000 and $1 million, it’s 5% on the first $500,000 and 10% on the remainder. For homes over $1 million you would require 20%.
Build Your Credit Score: A good credit score is essential for mortgage approval. Pay bills on time and manage debts responsibly.
Determine What You Can Afford: Consider your income, expenses, and lifestyle. Use online calculators to estimate affordability.
Pick a Location: Research neighborhoods, schools, amenities, and commute times. Decide where you’d like to live.
Calculate the Closing Costs: Beyond the purchase price, budget for legal fees, land transfer tax, and other closing costs.
Get Pre-approved for a Mortgage: Work with a profession to determine what you can afford before you start shopping.
Connect with a Realtor: Discuss your needs and wants. Enlist a Designated Representative to help you throughout your purchase.
View listing with Your Designated Representative: Once you have a Realtor to represent you it is best to work exclusively with them and not just call the listing agent.
Make an Offer & Negotiate Terms: Your Realtor will help you through this process. Sometimes this stage can take days to determine terms that are suitable to all parties. Remember that during this time it is important to be available an communication with your Designated Representative is key.
Once an Offer is a Accepted: There may be conditions, such as arranging financing or a home inspection, that require to be fulfilled before your deal is firm. Your Realtor may help you arrange a home inspection and ensure that your lender has what is required.
Once the Deal is Firm Enlist a Lawyer: Your documents will all be sent to your lawyer to review and to prepare clear title for you. You will meet with your lawyer a week or so before closing.
Before Closing:
Arrange for the utilities to be transferred.
Arrange insurance for the property.
Update your mailing address.
Book a final walk through the day before closing with your Realtor.
