HIGH-QUALITY BUYER SERVICES
Home Buyers
Let me help you buy your dream home.
Journey of
Home Buyers
More often than not, buyers dive into their home buying journey unprepared, unorganized and uncertain about their requirements and the entire process. And regardless of whether you are a first time or an experienced buyer, buying a home is a big financial decision and must be made carefully.
I am committed to making your home buying process as smooth as possible by guiding you to make informed decisions.
Here, I have put together a quick home buying guide showing the buying process and how to prepare, including buyer tips and the documents/ information you need for getting pre-approved.
The Home Buying
Process
Securing your
finances
Using a mortgage calculator; you can draw up an estimated budget based on your income, savings, debts and financial commitments as you should be able to pay your mortgage every month. You also want to have some cash in hand for a down payment and closing costs as you will be required to put a 3.5-20% down payment depending on which loan type you get.
Apply For a
Mortgage
Once you have evaluated your financial situation and you are armed with a realistic budget, you can confidently approach a lender to evaluate loan options. When you find a suitable loan that suits your needs, you can get a pre-approval letter. A pre-approval letter will estimate your borrowing power based on your financial information. A pre-approval gives you more negotiating power and tells sellers that you are serious.
Time to go
House shopping
Now that you can begin looking for homes with your real estate agent, you can save your time and efforts by looking at only homes within your budget. Put some feelers out with family and friends, search for listings online, and have your real estate agent show you listings that are right for you. When you find a good match, your real estate agent will help you decide and make the right offer. The seller can either accept your offer or respond with a counteroffer. You can continue to go back and forth with the seller or accept his counteroffer and make it a deal. If you reach an agreement, a contract will be drawn up, you will show your commitment by making a earnest money deposit, and then the contract will transition into escrow.
Have the property
Inspected
Once you have a deal with the seller, you can complete the mortgage application process through the lender you were pre-approved through. Your real estate agent can walk you through the process of submitting your application, providing the required documentation and verifying these documents. You have between 30-60 days to fulfill your purchase contract, so you have to move fast. You also want to invite a professional to inspect the property for quality and safety. Endeavour to find a trained inspector who is thorough and will not miss critical issues to encourage a sale.
Close, move into
Your new Home
Once your mortgage is approved, the home inspection doesn’t reveal any significant issue that would warrant you rescinding the contract, and nothing falls through at the last minute, then it’s time to close the deal. Closing involves signing a lot of paperwork and double-checking everything. Once the funds are transferred to the seller, then the home is yours, and you can move in immediately granted there wasn’t an occupancy agreement in your contract.
Things To Avoid
Before Closing
Things NOT to do between your date of getting pre-approved and your closing
- Don't buy a new car or trade-up to a bigger lease
- Don't quit your job to change industries or start a new company
- Don't switch from a salaried job to a heavily-commissioned job
- Don't transfer large sums of money between bank accounts
- Pay your bills on time -- even the ones in dispute
- Don't open new credit card accounts
- Don't accept a cash gift that will be deposited into your account without filling out the proper gift letter (you can get this from your lender)
- Don't make random, undocumented cash deposits into your bank account
Meet Your
Agent
Ready to make the most significant financial decision of your life?
Speak to a savvy real estate agent now!
Kimberlee Scott
