How To Prepare For Shopping For A Home And A Mortgage
In today’s competitive real estate market, homebuyers need all the help they can get in finding the right home at the right price. And once you find your ideal house, you want to quickly present a winning offer and close on it fast. Finding the right mortgage broker and mortgage products to help you purchase your home is a really important step.
At Nola Stairs, I understand that purchasing a home and a mortgage to finance it can be scary. This is why I have written down a few pointers that will equip you with the knowledge necessary to shop for a home and a mortgage.
1. Do your research
Your first step is to call your mortgage broker to find out what you need to do first. Your broker will do a mortgage pre-approval. From the information you provide, they will be able to tell you how much you can spend, how much you need for a down payment, what your credit is like, prepare you for when you make an offer and what to expect.
2. Choose a realtor
Now you should choose a realtor to represent you in your search for your new home. The realtor you choose can show you homes listed by any company. Your realtor may also approach for sale by owners on your behalf. The realtor you pick needs to be loyal, provide you with full disclosure on what is happening, put your needs over everything else, and, lastly, keep all your information confidential.
3. Pick a home
Now it’s time to go out and look for homes in your price range. Select neighborhoods where you would prefer or tell your realtor where you don’t want to live. Your realtor can put together a list of homes that fit what you are looking for. Choose some of those and go and take a look. Sometimes you instantly find what you’re looking for, but most often, it takes a bit longer.
4. Make the initial deposit
Now you have found that perfect home. You can call your mortgage broker if you like to let them know that you are going to write an offer and go over the details a bit. You will now contact your realtor and tell your realtor the details of what you would like in your offer, price, real estate deposit, possession date and any items that you may want to be included in the offer. You will sign and initial the deposit. Your realtor will now send your offer to the realtor that is representing the seller. Your offer may go back and forth several times before you agree on the price, terms and conditions.
5. Organize your finances
Now that you have an accepted offer, contact your mortgage broker and ask for a list of documents that you will need. For instance, employment letter, pay stub, revenue, Canada notice of assessment, ninety-day history of down payment, pre-authorized debit form from your bank and your lawyer or notary public’s name. It will take about ten days to get full approval of your financing.
6. Enjoy your new home
Now that your financing is approved, you may be doing a home inspection and getting a pre-approval for fire insurance. You should contact your realtor and let them know you would like to waive your subjects. You now have a firm and binding contract. Documents will be sent to your lawyer or notary’s office, and they will contact you when it’s time to come in and sign. Last but not least, you will finally get the keys to your new home. Congratulations!
If you’re looking for a licensed mortgage broker and realtor in Prince George, BC, reach out to Nola Stairs. I have been licensed as a realtor since 1992, which I did for five years, and then activated my mortgage broker’s license, which I did for eighteen years. In 2015, I combined both my interests.
I have a vast knowledge of both the real estate and mortgage broker industries, which helps to serve my clients more efficiently and can share my knowledge of different mortgage programs that may help them purchase the perfect home or secure a mortgage for refinancing and payout some nasty debt or build that new garage. I offer mortgage services like first mortgages, second mortgages, private mortgages, mortgage renewal, refinance mortgage, line of credit, and reverse mortgages.
I also offer real estate services like residential real estate, real estate purchase, real estate sales, buyers agent, and sellers agent. To learn more about the services I offer, please click here. To get in touch with me, please click here.