You've been dreaming about owning a home for a long time. Today, you're about to make your life's dream a reality.
CanadaMortgageSolutions.com wants to help all your projects come to life. That's why we give you the means to get there.
Your Budget
Drawing up a budget is an essential first step, since it allows you to set project limits.
First, get a clear picture of all the financial aspects of buying a property:
The downpayment
Start-up costs
Drawing up a budget
Once you've done the math, your CanadaMortgageSolutions.com Advisor may be able to offer you a prequalified mortgage. This service consists of an evaluation to determine the maximum amount of financing you can qualify for according to your financial situation.
Choosing Your Home
How to go about finding the dream home that also fits your budget? Before you set off on this adventure, be sure to establish your priorities and determine as precisely as possible what your selection criteria will be.
It's up to you to identify what is essential and what you are willing to sacrifice.
The location of your future residence is a factor that requires particular attention, especially in big cities.There's a world of difference between the city and the suburbs, especially with regards to lifestyle. On one hand, the city offers a vast range of housing styles, developed public transportation and nearby entertainment centres such as cinemas, restaurants and theatres. The suburbs, on the other hand, offer bigger properties and homes that are often newer and more affordable than in the city.
Six questions to help you find the ideal location
How much time can you devote to getting to work? What means of transportation will you use to get to work?
What local services (daycare, schools, hospitals, banks, parks) are available?
What is the value of neighbouring homes? Have they gone up or down?
Is the neighbourhood safe and quiet?
Take the time to choose the home that best meets your tastes and needs. There are many types of homes, each with their own advantages and reflective of different lifestyles. For example:
single family homes (cottages, bungalows)
semi-detached homes
duplexes
townhouses
condominiums
Five questions to help you select a type of home
Do you need a lot of privacy? Do you mind sharing space with neighbours or renters?
How much time will you have to devote to home maintenance and up-keep?
Do you need large rooms?
Do you want a big back yard?
Your Allies
Early on in your property search, it will become obvious that you can't see to everything yourself or just with the help of your loved ones.
Get the support of a team of professionals.
Your CanadaMortgageSolutions.com Financial Advisor
Building inspector
Surveyor
Notary
Real estate agent
Contractor
Mortgage Loans
Not all borrowers are in the same financial situation or looking for the same type of loan.
Some focus on interest savings and prefer variable rates, while others are looking for rate and payment stability.
First determine your borrower profile.
Then select the CanadaMortgageSolutions.com options that best suit your needs.
Home Insurance
When the time comes to take out home insurance, there is often uncertainty about what coverage to choose. Selecting the insurance that will adequately protect your home and property and also includes public liability coverage is an important decision.
Be sure to properly define your personal property needs before taking out home insurance. The key to making the right decision is to find out everything you need to know from your agent and thoroughly read the documentation that accompanies your insurance contract.
The Offer to Purchase & Sale
You've just found the home of your dreams. It's exactly what you were looking for and within your budget!
Remember that the legal implications of buying a home are crucial. Before making your offer, make sure that you fully understand the extent of the commitment.
The offer to purchase is a very important document that is legally binding on the parties. It is a contract in which one person offers to buy another's property under certain conditions. Consequently, you should never sign an offer to purchase too quickly.
The offer to purchase includes all the details required to identify the property and the conditions of the transaction, such as:
address and lot number
amount of the deposit
date of possession
distribution of taxes
length of time that the offer is valid (generally between 24 and 48 hours)
what is included or excluded in the sale price (e.g., light fixtures, drapes, carpets, household appliances)
approval of mortgage loan (amount, rate, term)
satisfactory inspection of premises by an expert
sale of your current house
any other condition(s) deemed appropriate
What happens once the offer is made? The seller can either accept or refuse your offer to purchase. If he refuses, he can make a counter-offer (on the price, date of occupancy, etc.), which you can either accept or refuse. If you refuse the counter-offer, you may make another counter-offer. When an offer is accepted by the seller, it constitutes an agreement to sell.
Once an offer to purchase has been accepted, neither party can refuse to carry it out. Otherwise, the seller or buyer can be sued for damages caused to the other party. The buyer may even lose his deposit.
Upon concluding the sale, make sure that your notary or lawyer has all the necessary documents on hand (mortgage deed, tax receipts, certificate of location). Review with him the adjustment statement that details the amount that has to be signed over to the seller in order to conclude the sale. Your notary will pay the seller in your name with your funds, made available to him through your CanadaMortgageSolutions.com advisor.
