It can drum up a mixture of emotions when you buy— among them excitement, anxiety, confusion—and like any transaction of this magnitude, the unknown can be the cause of much unwarranted stress. Here’s some of the details that might help the buyer stay on track:

Chose your professionals. Be it a realtor, real estate lawyer, mortgage professional, or insurance broker, each of these parties specializes in what they do, so you can focus on your home purchase.

Have your mortgage pre-approval in hand.H Be clear and confident in what you can afford.  Don’t just speculate, run the numbers, look at the end result and make sure it fits in your budget.  Have a mortgage broker protect your interest rate for you while you shop.

Go SHOP!!  Make sure you’ve clarified what will be expected of you for an initial deposit on any offer you make—this deposit money will be requested upon your written offer to purchase.

Make your Move! You’ve found the home that’s right for you. You have your mortgage pre approval in hand and a professional representing you in your purchase transaction.  You write up your official offer.

Call your Mortgage Professional: This is where your property details will be added to the existing pre-approval you had, and you now have the components together to finalize your mortgage.  You will choose your mortgage terms, and gather remaining documentation required by the mortgage company.

This is also the time to arrange for your property tax account, mortgage fire insurance policy and mortgage life insurance options.

Meet with your lawyer: The legal documentation is reviewed, signed and then sent to be registered with land titles. The lawyer will request that you bring in any final down payment proceeds, amounts that may be required for tax adjustments and the legal fee (“cash to close”). 

Again, be prepared for these closing costs.

Get the keys!!  Do your final walk through, call your friends and family and celebrate your new purchase!!

It’s all about planning ahead, eliminating the surprises and making potentially the largest financial purchase of your life a positive experience. CL