Helping You With Your Home Purchase
Financing
Once you’ve decided it’s time to buy a home, organizing your finances is the critical first step:
- Getting a pre-approval for a mortgage gives you the comfort of knowing that your interest rate won’t change (for a set time period), how much your monthly payments will be and best of all what home price you can afford. I work with some great finance people, ask me to get you connected.
- Consider the one-time costs associated with a home purchase: down payment, legal fees, land transfer tax, mortgage insurance fee (CMHC, Genworth), inspection fees, taxes and moving expenses. I suggest you speak with your mortgage broker and Realtor to get a good grasp of these costs.
- Understand ongoing monthly costs including: mortgage payments, insurance, utilities, property taxes, maintenance and condo fees.
- If this isn’t your first home: take into account the equity you may have in your current home and the applicable mortgage options available for your next move.
- Once we have a conditional purchase it is very important to understand the conditions of your pre-approval (if any) before fulfilling your financing condition.