The Pocket Guide to Buying Your First Home Chapter 7 – Home Buying Checklist by Nest & Castle December 4, 2020December 10, 2020 December 4, 2020December 10, 2020 Study your finances and create a budget. What can you realistically afford to pay for a new home? What amount are you comfortable paying for your mortgage payments? Can you afford the maintenance and upkeep of a home? What about property taxes? These are all important questions to consider when drafting your budget. Obtain a copy of your credit report. In Canada, the two major credit reporting agencies are Equifax and TransUnion. Obtaining a copy of your credit report and score will help you get a better appreciation of the rates you can expect when applying for mortgages or financing. In general, higher credit scores are more favourable to banks and other financial institutions, resulting in lower interest rates. Contact a mortgage broker or other financing specialist to assist with a mortgage pre-approval, if applicable. Gather the necessary documents for your loan application. In general, this includes proof of employment, income details, tax returns, bank statements, etc. Submit your documents to your mortgage broker or financing specialist. Your mortgage broker or financing specialist will provide you with a pre-approval. This document outlines what that particular financial institution will provide to you in lending and at what terms. Contact a Nest and Castle Associate to help you find your dream home or investment property. Submit an offer with your real estate agent. The offer will outline what you are willing to pay for the property (like a bid) and all the requirements and conditions of the offer. Often a deposit is required when submitting an offer (payable only if the offer is accepted). Congratulations! The offer was accepted. Contact your lawyer and send the Agreement of Purchase and Sale to your lawyer for their review. Your Nest and Castle Associate can refer you to lawyers specializing in real estate transactions if needed. Arrange for a home inspection and appraisal. Home inspections ensure there are no structural issues or other damage to the property you are purchasing. Appraisals are often required by your lender to ensure the property’s value is sufficient to warrant the amount of financing provided. Your lawyer will arrange a time to sign documents before closing. Review and sign the documents with your lawyer. Property closes. Your lawyer will provide you with the keys to your property. Move into your dream home! About Nest and Castle Nest & Castle Inc is a leading edge real estate brokerage based in the heart of the Greater Toronto Area (GTA). We provide creative solutions and strategic advice on all aspects of the real estate industry. Our mix of conventional real estate techniques and forward-thinking technologies makes the buying or selling of your home, an easy and enjoyable experience. Search Exclusive New Developments Looking for your Dream Home? Sell Smarter With Data. It's The Future. 0 comment previous post Canada Housing Starts Fall Less than Expected in December next post Vaughan Townhouse Prices up 15.81% You may also like Chapter 3 – Financing 101 December 8, 2020 Home-Buying Glossary December 3, 2020 Chapter 5 – Purchasing “The One” December 6, 2020 Chapter 2- How much can you afford? December 9, 2020 Chapter 6 – Making Your New Home Yours December 5, 2020 Chapter 1 – Are You Ready to Own... December 10, 2020 Chapter 4 – Finding the Right Home December 7, 2020 Appendix: Sample Budget December 2, 2020