Are you ready to get your foot in the door of the real estate market? Here at Real Estate Markham Ontario, we want to make sure that first time home buyers are prepared for the many different things to consider when you are about to make your first home purchase. Whether it's a Mississauga condo or a stand alone house right here in Markham, the things you need to keep in mind are generally the same. Let's take a look.
Mortgage
Before anything else, you need to find out just how much you have to spend on a new home. There are many different factors which go into determining the amount of a home mortgage Canada. Ontario has different laws and incentives than British Columbia, Washington, and so on. Generally speaking, though, a lending company will take a look at your salary and your credit record as the foundations for your approval.
Once you know a ballpark figure, determine which company you want to use for your mortgage. You won't have as many options for a mortgage in Toronto Canada as you would in the United States, simply due to more stringent lending laws in our country. However, the basic rule of thumb will still apply: look for the lowest interest rate. Even a fraction of a point could save you thousands of dollars over the life of your mortgage, so finding the lowest rate possible is key.
Once you know your amount and the lender you want to use, it's time to get pre-approval. Downtown Toronto homes for sale, as well as the prime real estate in Markham, tends to get off the market quickly, even in this depressed economy. Every advantage you can bring to the table during negotiating helps, and often sellers will select a bid with ready available money over one where the potential buyer has to go through the entire approval process.
Finding the Home
Well, the financial stuff is boring, but once that's out of the way it's time for the fun stuff. Decide what you want in a home. Are you interested only in two storey house designs? Do you need a shop, or a swimming pool? How many bedrooms? Make a list of your essentials before you go out looking for a home.
Next, find yourself a great real estate agent. When we say great, we mean one with experience and a good record of sales. He or she can help you with any more steps you need to take in order to make your first home buying experience as easy as possible.
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