First Time Home Buyers
If you are a first time home buyer, the process of purchasing a home may feel overwhelming. Buying a home may be one of the biggest investments you’ll ever make, and you want to feel certain you are working with an agent with integrity, who is looking out for your best interests.
When you first get in touch with a realtor they may ask questions you can’t answer or use unfamiliar jargon. Buying your first home can feel a bit scary, but it doesn’t have to be intimidating! I’m here to make it as easy and enjoyable as possible, providing you with the information and advice you need to help you buy your first home.
I love working with first time home buyers, and helping them find a home that meets their needs and budget – even if they don’t have a lot of money. To help you get started, I’ve put together a helpful package of information outlining what you need to know from government incentives just for first time home buyers to the steps you need to take to qualify for a mortgage.
Steps to Owning Your First Home
Step 1: Your Personal Buying Consultation
At our initial visit we’ll need to spend about an hour together to talk about all the important details of your home search. I will answer any questions you might have and will give you my detailed Home Buyer's Guide. My Home Buyer's Guide offers more info about what to expect when purchasing your first home, and includes answers to frequently asked questions. There is also a comprehensive closing cost estimation section – so you know exactly what to expect, with no surprise last minute fees or costs. And when you are ready to get pre-approval for a mortgage, I would be happy to recommend a wonderful mortgage specialist to you.
Step 2: Hiring a Buyer’s Agent
A professional buyer’s agent will help act as your advocate in the purchase of your home. If you choose to hire me as your buyer’s agent, I will provide you with a buyer’s agency agreement for your review. A buyer’s agency agreement will provide all the facts up front before you sign anything – and the peace of mind of knowing your best interests will be fully represented by a professional when you are ready to negotiate the purchase of your home.
Step 3: Mortgage Pre-Approval
Before you begin your search for a home, you will need to apply for mortgage financing. Your preapproved mortgage amount and interest rate will be based on your down payment, income, credit score and current debt (for example, student loan or credit card payments). Your mortgage specialist will use a calculation to determine your mortgage budget, estimated payments qualification for a discounted interest rate. Mortgage preapproval commitments are usually given for 90 to 120 days and your rate is guaranteed for that time even if rates go up; as long as you have your preapproval in place, you are guaranteed the lower rate.
Step 4: Now the Fun Begins: Touring Homes!
Most buyers are shocked at how different homes look in real life compared to a virtual tour! Don’t feel disheartened if the first few places you see just don’t measure up to the photos you previewed online. On the other hand, some buyers fall in love with the very first home they visit. Everybody’s experience is different, just as their search criteria and expectations are unique. On average most people will look at about 15 properties before they are ready to make an offer.
Step 5: Making an Offer to Purchase a Home
Once you find a home you love, I’ll help you put together a purchasing contract (or as it’s commonly called, an “offer”). Your offer is a legally binding contract, and the seller cannot accept any other offers once they have signed back a contract to you. The initial agreement will spell out the terms of the purchase including the price, move in date, and included items (like appliances). In most cases we would ask for a one week conditional
time frame to give you the opportunity to hire a home inspector, review the title to the property, and work on the final financial details. Once the conditions are removed, you would need to secure your deposit draft with your bank. The purchase agreement would then be forwarded to your lawyer’s office to draft the final title transfer documents.
Step 6: Hurray! Time to Transfer Title and Move In!
In most cases, you will visit your lawyer’s office one last time to complete the “closing” or “completion” for your home purchase a day or two before you receive the keys. Although both events could be scheduled on the same day, it’s recommended to leave at least a day between closing day and moving day – that way if there are any unforeseeable delays, your key delivery will not be affected.
Call Me to Arrange Your Personal Buying Consultation
Are you ready to take the first step in buying a home? I look forward to speaking
with you and answering any questions you have. I’m available by phone at 604 841 7171 or send me an email at firstname.lastname@example.org