Frequently Asked Questions
Am I Ready to Be a Homeowner?
Our mortgage specialists can help answer this question by formally pre-approving you, letting you know what price range you should look in, and how much of a down payment you will require to purchase your new home.
Is Renting or Buying Better?
I would prefer to own my home and have equity that can be used to purchase investment homes, or have for retirement, rather than pay off my landlords mortgage.
What Do I Look for in Homes?
It may sound silly, but the correct price range should be first on the list, especially if you are a first time home owner. You do not want to be house poor. Location, location, location is obvious. Utility is next – try not to settle – does it check all the boxes?
Do I Need a Home Warranty?
A new build home will come with a TARION home owners warranty that covers different aspects and mechanicals of the house for the first 7 years. A resale home will not, so you should have an inspection included in your purchase agreement for a resale home. I would not disagree with an inspection on a new home either.
What Should I Expect at Closing?
Try not to book any installs for the day of closing. Keys usually do not arrive until the afternoon and installers will give you a range of time that may not work and then push you to the bottom of the list if they cannot get in to the house. Closing costs can be a surprise too. Speak to your lawyer, or we can refer you to one, who will be able to answer the question of closing cost amount.
What Is Pre-approval?
A pre-approval can be done over the phone, or online, and is based only on the information you fill in or give the mortgage broker or bank A formal pre-approval is way more accurate and involves you handing in the documentation required to be approved for a mortgage…always get a formal pre-approval!
What Should I Offer?
Loaded question, especially if it is a hot market with multiple offers. In general we will walk you through all of the current comparable sales so you will be well informed on current value of houses sold in the area you intend to offer on a home.
Can I Ask You for Advice?
As long as you are not working with and/or under contact with another local Realtor, you can ask away. I’m here to help!