Are you thinking about buying a property

Why Should I Buy a Property Instead of Renting?

With the current historically low interest rates, buying a property is often cheaper than renting it. Another benefit of buying is that you can renovate and decorate your home as you please. Your credit rating will also improve, and you may be able to use your property as collateral to obtain additional loans (e.g., for business expansion). And, perhaps most important, buying is almost always the smart decision because mortgage payments go towards owning your own property whereas rent payments go towards financing someone else’s property.

First-Time Buyers

Most first-time buyers have many questions about finding and financing their first home. I can provide answers to these questions and walk you through the entire process so that buying your home is simple and straightforward. It is even possible to buy a home with just a 5% down payment by getting mortgage loan insurance. Right now, 3 million Canadians own homes with insured mortgages.

Begin by Getting a Pre-Approved Mortgage

Having a pre-approved mortgage means that your lender has reviewed your financial information and determined the maximum amount of money that you can borrow. Most lenders will do this free-of-charge. Once you have a pre-approved mortgage, you will know which properties fit your budget, and you will be able to present a stronger offer to sellers than competing buyers who do not have pre-approved mortgages. In addition, most lenders will guarantee the pre-approved interest rate for period of time (e.g., 90 days), so you won’t have to worry about the interest rate rising during that period while you are shopping for a home.

Making an Offer to Purchase a Home

When you find a home you would like to buy, I can help you to determine what price to offer, and to fill out a standard form called the Contract of Purchase and Sale.

I will present the offer to the seller, who will then accept it , reject it, or make a counter-offer. If the offer is accepted, you will still need to remove the subject-to clauses before the sale is finalized. If your offer is rejected, then there is no deal. If the seller presents a counter-offer in which some of the terms are changed, you are then free to accept the counter-offer, reject it, or make your own counter-offer.

Once your offer is accepted, you will need to fulfill certain legal requirements and carry out the following steps and before the completion of the transaction:

• Pay the deposit amount agreed to in the contract (kept as part of your down payment)
• Have the home inspected by a certified home inspector (I can recommend one)
• Satisfy the conditions and subject-to clauses set out in the contract
• Finalize your mortgage by sending your lender a copy of the contract
• Purchase homeowner’s insurance
• Hire a lawyer or notary public to:

· Search the title to make sure it is free of complications

· Make sure that the property taxes are up to date

· Prepare all the documents to transfer ownership to you

· Ensure that the seller’s mortgage is discharged

· Prepare a Statement of Adjustments showing the money you owe

· Arrange for the transfer of money from your lender to the seller

· Ensure that you are registered as the owner in the Land Titles Office