First Time Home Buyer
Purchasing your first home in Canada is an exciting adventure! Make sure you get the right mortgage
Pre-Qualification
- Know your borrowing capacity
- Calculate your down payment and your monthly payments
- Secure the interest rate
- Be one step ahead of competitor buyers
- Make an offer with confidence
Planing
Together we will evaluate your mortgage options in the context of your overall financial needs and particular objectives. Your mortgage would be probably your largest debt you will acquire during your financial life to obtain one of your best-appreciated asset, your HOME.
Approval
There are a lot of companies offering mortgage products. We will help you pick the right one for you and your family. We will analyze, rate, benefits and obligations for you to take an educated and informed decision.
Getting a Home in Canada
Making the Right Move
A home is a place where you make memories with family, friends, and people around you. It is also where you build the financial foundation for your future and of your family.
Buying a house in Canada will mark a big milestone in your life and of your family. Whether you’re a first-time homebuyer or an experienced homeowner looking to move or invest, the Canadian home buying process requires planning, research and an understanding of the real estate market and regulations. Below you will find certain points to consider.
The following are 9 points to consider when thinking on buying a home in Canada.
1. Understand the Canadian real estate market
The Canadian real estate market can vary significantly from one region to another. Prices, property types and market conditions differ between cities and provinces.
Before entering the buying process, it is essential that you familiarize yourself with the real estate market in the area of your interest. You should also understand real estate trends, property values, and inventory deals, as these will influence your budget-based decision-making process. Also, this is the time to contact your mortgage agent. This will help you in the next step.
2. Set a budget
Your income, expenses and any other debt are taken into account to determine how much you can spend on your new home. Most Canadian banks and finance companies follow the “39/44 rule”, where your monthly housing expenses (mortgage payments, property taxes, heating costs, etc.) must not exceed 39% of your income. gross family income and your total debt payments added to housing expenses must not exceed 44% of your gross income.
You can prequalify yourself for a mortgage and get an estimate in 30 seconds using these mortgage calculators below.
3. Hire a trusted Real Estate Agent
It is recommended to work with a real estate agent recommended by Mortgages Canada.
A qualified and Jose Delgado’s team recommended agent will help you find the right property, negotiate with sellers, handle paperwork, and guide you through the legal aspects of the transaction for free.
Look for an agent who knows the local market and has a good track record of successful transactions. Call us to recommend a good real estate agency in your area.
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4. Choose the right of property
Canada offers a wide variety of housing options, including single-family homes, condominiums, townhouses, duplexes, and more. Each type of property has its advantages and disadvantages, so consider your lifestyle, needs, and long-term plans when choosing. For example, condominiums may be suitable for low-maintenance housing, while single-family homes offer more space and privacy. The help of a trusted and experienced real estate professional recommended is required for this important step.
5. Make an offer and negotiate a price with acceptable terms
Once you find your ideal property, it’s time to make an offer. Your real estate agent will help determine an appropriate price based on the property’s market value and recent comparable sales in the area. Be prepared to negotiate with the seller to arrive at a mutually acceptable price and terms of sale.
Remember that your agent will be with you throughout this process where emotions will be involved. Jose Delgado’s team’s recommended realtors have many years of experience in this process.
6.Property inspection and due diligence
Before finalizing a purchase, it is essential to carry out a thorough inspection of the property. A qualified home inspector can identify structural problems, potential hazards, or needed repairs. Additionally, if your real estate agent is recommended by Jose Delgado, he or she in addition of your lawyer will ensure that the title and other legal documents are reviewed to verify ownership, obligations and liens on the property.
7. Mortgage financing options
Canadian residents have several mortgage options available to them, including fixed-rate mortgages, adjustable-rate mortgages, and more. Mortgages Canada will search for the best mortgage rate and terms that suit your financial situation.
At Mortgage Alliance – Jose Delgado we have more than 15 years helping families realize their dream of owning a home. Click the button for a free and confidential consultation.
8. Finalize the agreement
Once your offer is accepted, the closing process will proceed. This involves finalizing the mortgage, transferring ownership, and paying any necessary fees and taxes. Closing costs may include legal fees, land transfer taxes, title insurance, and other expenses.
In addition to our advice, your real estate agent and attorney will guide you through this process to ensure a smooth closing.
You’re in good hands!
9. Closing the transaction and handing over the keys
A few days before the closing date, your attorney will call you and advise you of the remaining items that are necessary to finalize the transaction, such as a certificate of fire insurance certifying that the property will have adequate fire insurance as of the date of closing. Your valid IDs will also be required. The attorney will also inform you of the amount of money you must send or give to close the transaction, including the closing cost and the balance of the down payment after the original deposit.
Our work does not end here. Jose Delgado and his team will always be on the phone for any questions or concerns long after closing.
Making smart decisions is essential when buying your first home, after all, it is the largest purchase you will make so doing it right the first time is important. We help you understand the process and find you the best Canada mortgage for your unique needs. Click the button below to apply for your mortgage today or contact us to learn more.
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