Financing comes before the viewing, not after you fall in love with a place.
It is the most common mistake: you fall for a property, then discover it was out of reach, or that you are $15,000 short at closing. Starting with the numbers avoids the disappointment and puts you in a stronger position against other buyers.
The five steps
1. We establish your real budget. Your income, your debts, your down payment. You leave with a number, not an impression. See pre-approval.
2. You search, with a real estate broker if you want one. You now know what you can afford and you stop wasting time.
3. You submit an offer with a financing condition. Never waive that clause without talking to me, even in a competitive market.
4. I finalize the financing. Documents, property appraisal, firm approval. I walk you through every condition before you sign.
5. Closing at the notary. I follow the file through to the keys.
Budget beyond the down payment
Many buyers forget the closing costs. Plan for:
— Notary fees and registration costs
— Transfer duties — the “welcome tax”, billed by the municipality a few months after the purchase
— The pre-purchase inspection and, if the lender requires it, the appraisal
— The adjustment for municipal and school taxes prepaid by the seller
— The tax on the mortgage loan insurance premium, if your down payment is under 20%
— Moving, utility hookups and the first setup expenses
First property? Assistance programs exist federally and provincially — RRSP withdrawal, tax credits, municipal measures. The conditions and amounts change regularly. We will check together what applies to you at the time of your purchase.