I know you want to buy a property, perhaps an investment property, or a place to call your own, to live in yourself.
There are so many things to consider, and I'm hoping this short checklist will help you to achieve your goals. If you find you are not quite ready to buy, then let's talk about how you can get better prepared. If you ARE ready to proceed, then let's chat about where to start. Whatever stage you are at in your search for Real Estate, I can guide you.
-- how much notice do you need to give before you can move from your current home? If you are in a lease, check the dates to see if you would have to pay a penalty to move earlier. Let's discuss your situation, and decide when the best time for you get your keys will be
--how much is, and where is your down payment kept. Ask your bank how much time they need, IF your money is held in an RRSP or other term deposit. If it's sitting in your bank account, have copies to show the mortgage lender. If some or all of your down payment is coming to you as a gift, do you need to pay it back? Have a letter from whoever is giving you those funds, confirming that you do or do not have to repay it to them. Usually, you will need a minimum or 5% of the total purchase price as your 'down payment', and this is required to be in place before you write your offer. You will need to get a bank draft and give it to your Realtor. (They will give you more details)
--for mortgage pre-qualification, you will need to provide your mortgage lender/ broker with several documents. A letter of employment will be required showing your salary and length of employment. They will want to know your current financial responsibilies, school loans, car leases/payments, credit card debt, and any other information that could challenge your ability to repay the mortgage. Once you have submitted all of this information, and been given a pre-qualification in writing, you can start shopping. When you find a property you want to write an offer on, submit that accepted offer to the lender, and they will decide if you are 'approved' for that property.
--more to follow
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