How the Heck Do I Buy My First Home?
What a Great Question, Glad You Asked!
Buying your first home is going to be exciting and will be your most important financial decision of your life. Starting the process with your best foot forward is the key to making it a success.
Here Is How It Works
Firstly - Your Mortgage
- Discussing mortgage options is going to be your first step to home ownership. But where do I begin you ask? I will put you in touch with a mortgage professional who best suits your needs.
- Mortgage Professional or Big Bank? Short answer - Mortgage Professional. Long answer, most likely a Mortgage Professional since they shop your profile and find the best lender who will suit your needs.
- What Does a Mortgage Professional Charge? Nothing - the lender who your Mortgage Professional pairs you up with pays their fee.
- Down Payment - how much will you need? 5% is the minimum down payment. This is $15,000 on a $300,000 home. Where can this come from? Lenders prefer savings but will also accept "gifted" down payments - time to call mom and dad right?
- Don't have 5%? No problem, there are lenders who can help still - but it is best to have 5%.
- Just 5%? Well, not quite. A Lender requirement is to have 1.5% of the purchase price saved as well - this will cover your "closing costs" - like your lawyer, property inspector and other small fees that may come up.
- Learn your purchasing power and most importantly, your comfort zone for monthly payments. Do not over buy, you like to eat food right? Over spending on your home may turn into you missing out on extra curricular activities.
Get The Home Buying 101
It's Time to Meet Your Calgary Realtor®
- Why? What to Expect - no surprises - you will learn the ins and outs, the dos and don'ts of buying your first home. Us meeting is a very important step, the start of building trust.
- Contracts - the boring yet imperative part. You will have an opportunity to read, review and ask questions about all the contracts you will be expected to sign from start to finish.
- What Is Your Lifestyle? - Are you aiming for a condo or a house? You will need to consider your lifestyle.
- Setting Up The Search - you will explain what you need in a home so I can successfully find several for you to look at.
Walking Into A Stranger's Home Is Awkward - You'll Get Over It - Trust Me.
- The House Hunt - We now go check out some of these homes that fall within your search criteria. When you answer "yes" to "Can I Live Here?", we pull the trigger.
- House Value - You will be provided with statistical information so you can confidently make an informed decision for a purchase price.
- The Offer - I submit and negotiate the offer to purchase on your behalf to ensure you get the house for the best price possible with the terms and conditions you need.
- Conditions - I will be guiding you through each condition to ensure you are 100% satisfied. Only then, you will be removing the conditions making your purchase firm and binding.
- Possession / Completion Day - You get the keys to your new home and it's time to celebrate! You're now a home owner.
Because I'm awesome that's why! All kidding aside - home buying is serious stuff and I want to ensure my clients are 100% confident. However, my clients do think I'm pretty wicked - check out what they have to say!