First time buyers
When you’re buying or selling a home, there are so many details to keep track of. You want to make sure that every step of the process is handled professionally and with care. That’s why we’ve assembled a team of seasoned professionals who can help you navigate through this process.
first time buyers
lawyer
Mortgage Broker
Home Inspector
Realtor
Will work in your best interest to find properties that match your requirements and price range. They will educate you, teach you and in the end negotiate on your behalf to get you the best deal.
First Time Home Buyer? Read This!
Buying a first home is a huge milestone, but for many Canadians, saving for the down payment can feel like an uphill battle. Rising home prices and borrowing costs have made this a significant challenge—but with the right strategy, there’s a way to help your clients stretch their savings further.
The Secret Weapons: RRSP and FHSA
These government programs are tailor-made for first-time buyers.
Determine what you are actually able to afford. Speak to a Mortgage Broker.
The bank has told you what you can afford and you can start looking with confidence. This approval will lock in the interest rate given by the lender for 90-150 days.
Absolutely! You are about to spend hundreds of thousands of dollars on a home, don’t you think spending a couple hundred dollars to know the ins and outs and any type of issues the property may have is worth it?
Technically, it is possible to buy a home without a professional real estate agent. It’s just a whole lot harder to do on your own. Real estate agents have received training to help buyers navigate the market and they’re also up-to-date on current market conditions. They work in your best interests and can walk you through the entire process with ease. They’ve also got helpful industry contacts, like home inspectors, lenders, appraisers, lawyers and other service professionals that will all make the buying-process go smoothly. Finally, the best part, they help you for FREE. The commission they receive is not paid out until you have found a home you love and you have moved in. Plus it’s paid by the seller.
- You’ll receive the maximum Ontario land transfer tax refund amount if you’re a first-time home buyer that is purchasing a home in Ontario with a price of $368,000 or less
- First-time home buyers in Toronto can also receive a municipal land transfer tax rebate of up to $4,475
- If you’re a first-time home buyer in Toronto and your home’s purchase price is less than $400,000, you will receive the full Toronto land transfer tax rebate
- First-time home buyers purchasing a home in Toronto will receive both a municipal tax rebate and a provincial tax rebate
here are 10
easy steps
We’ve compiled a list of everything you need as a first time home buyer! You can even download our custom made PDF checklist by clicking the button
When selecting a real estate agent, it’s crucial to treat it like a job interview and find someone whose personality and qualifications align with your needs and wants. Consider interviewing a few agents to gauge if there’s a natural rapport or “click” between you and the agent. This connection is essential as you’ll be working closely together throughout the homebuying or selling process.
Qualifications play a vital role in choosing the right agent. Ensure your agent possesses local market knowledge, understanding the nuances of the neighborhoods you’re interested in. Look for agents with good reviews or testimonials, showcasing positive experiences from previous clients. Financial knowledge is another key aspect; a proficient agent should be able to walk you through the numbers, helping you make informed decisions.
Verify that your agent works full time in the industry, as this commitment often translates into a higher level of dedication and availability. Assess their time management and communication skills by evaluating if they show up on time and are adequately prepared. Effective communication is critical, ensuring they convey information in a way that you understand and feel comfortable with.
Explore their network connections, as successful real estate agents often have strong relationships with other professionals in the industry. Regular collaboration with other agents can be beneficial for negotiations and accessing a broader range of properties.
A good agent should also take the time to understand your housing goals and future vision. They should ask insightful questions about your preferences, priorities, and long-term plans, tailoring their approach to align with your unique needs.
By thoroughly assessing both personality fit and qualifications, you increase the likelihood of finding an agent who not only meets but exceeds your expectations, making the real estate process smoother and more enjoyable.
Maintaining excellent credit is a fundamental aspect of preparing for the homebuying process. Before proceeding with a mortgage application, focus on paying off as much debt as possible to strengthen your financial profile. A lower debt-to-income ratio can positively impact your ability to secure a favorable mortgage rate and terms.
While it’s essential to be mindful of your credit, don’t worry too much about potential credit pulls during the pre-approval process. Lenders typically conduct credit checks as part of this process, and these inquiries are considered normal within a short timeframe.
To streamline the pre-approval process, start compiling and saving important financial documents. This includes gathering two months’ worth of pay stubs and bank statements, as well as organizing two years of tax returns and associated documents such as W-2’s or T4’s. Having these documents readily available will expedite the pre-approval process and demonstrate your financial stability to potential lenders.
In addition to these financial documents, consider maintaining organized records of any additional assets, such as investment accounts or retirement savings. Being well-prepared with comprehensive documentation sets the stage for a smoother mortgage application process, making it easier for lenders to assess your financial health and determine your eligibility for a home loan.
Establishing the down payment amount is a pivotal early step in the homebuying process, and it’s important to ensure that the funds are accessible without being tied up elsewhere. Begin this process by evaluating your financial situation and determining a reasonable down payment goal. To make the funds easily accessible, consider setting up a dedicated savings account or exploring investment options that align with your timeline and risk tolerance.
While saving up 20% of a home’s purchase price is a common recommendation, it may be challenging in high-priced markets. If achieving the 20% target proves difficult, collaborate with your lender to devise a personalized plan that suits your financial situation. Lenders often offer various mortgage options, including those with lower down payment requirements, making homeownership more feasible.
In addition to the down payment, factor in other costs associated with moving. Account for closing costs, moving expenses, potential renovation costs, and any new furniture or home-related purchases. Taking a comprehensive approach to budgeting ensures that you are financially prepared for all aspects of the homebuying process.
It’s essential to recognize that being pre-approved for a specific mortgage amount doesn’t mean you’re obligated to spend the full sum. Work closely with your lender and real estate agent to establish a comfortable price point and monthly payment that align with your financial comfort level. This collaborative effort ensures that your home purchase is not only financially sound but also tailored to your individual needs and preferences. Open communication with both your lender and agent is key to navigating these financial decisions successfully.
When embarking on the journey to secure a homeowner’s insurance policy, it is crucial to diligently search for one that offers comprehensive coverage without breaking the bank. It is advisable to explore options that strike a balance between great coverage and a reasonable cost. Seeking recommendations from your lender can be a valuable step, as they may provide insights or suggestions based on their experience. Additionally, it’s essential to be aware that certain lenders may have specific requirements, such as requesting payment for a full year of homeowner’s insurance upfront, as a prerequisite for approving a mortgage. Therefore, thorough research, consultation, and adherence to lender guidelines are integral components of the process to ensure both financial security and compliance.
Work With The Best
We believe that the best way to serve our clients is by providing them with detailed, personalized service and advice. Our team of real estate professionals is committed to helping you achieve your goals.
