Whether you are a first time real estate buyer in Halton Hills, Georgetown, Acton, and Erin Ontario area there are a few preparations that you should do before you even start to look at properties that will be very beneficial to you throughout the home buying process. Not only will you be better educated and know the steps of buying your first property but you’ll be better prepare when you present an offer to the Sellers of that perfect house.

The very first step that you should take is to find a local Realtor.®  Finding a local real estate agent is a very crucial part in the home buying process. A Realtor® not only brings a lot of valuable information and knowledge to the table like what houses prices, development, and or any other significant changes,  that are happening in a particular neighbourhood but also brings a team of experts as well. These experts are people from that include Insurance Agents, Mortgage Brokers, Lawyers, Home Inspectors just to name a few. When selecting a Realtor®  make sure you ask the questions that matter.  How long have you been in the business? What is your Sale Price from List Price Ratio?

Having a mortgage pre approval from a bank or a reputable Mortgage Broker is a necessity when you are a first time home buyer . There is no sense of looking at homes that you would not qualify for.  In order to qualify for a mortgage, Canada Housing and Mortgage Corporation (CMHC) requires a 5 percent down payment. There are still ways to obtain 100% percent financing but those usually are accompanied by higher interest rates.

Other benefits of having a mortgage preapproval is that any offer you make to the Seller of a property more attractive while having the preapproval in hand. This is because if your down payment  is a fairly large down payment and you will not be requiring CMHC insurance on your  mortgage than it is more attractive to the Seller over another offer with the exact same terms but with a down payment that requires the CMHC insurance.

If you are interested in obtaining a mortgage preapproval contact Anita Ford who is a mortgage specialist at Anita.Ford@td.com