Buying a Home
First Time Home Buyer?
We want to be by your side on this exciting journey! Our commitment is to provide you with the advice and guidance needed to navigate your way to home ownership. We provide so much more than a mortgage. We are on your team to make sure you reach your home ownership goals and financial success.
Had a Mortgage Before?
In five years, your life can change a lot and we understand that. At CENTUM, we will take you through our renewal process to make sure that you get a low rate but also the right mortgage. We will talk goals, future plans and about those big life moments to make sure that your mortgage is compatible to your life.
We understand that this purchase might be the biggest financial decision of your life and we take that seriously. CENTUM mortgage brokers are here to walk you through every step of the process and make sure you have peace of mind that you are making the right decision when getting a mortgage.
Buying a Home
Talk to a Mortgage Broker
The first step is to find out what you can afford, costs that will be incurred with home ownership and what you will be qualified to borrow. Talk to one of our CENTUM mortgage brokers and get a preapproval started and make sure you are on the right track to owning your first home.
Find a good Real Estate Agent
Looking online for homes is a good start but often when you find one you like, chances are, everyone else likes it too and it may be gone before you even get a chance to view it. Once you know what you can afford, contact a real estate agent and get that extra set of eyes on the market for you. They often have inside tips on homes coming on the market before the general public does. They will normally ask you to make a list of things that are important to you, like size, condition, location, style and price. This will help narrow the search and have you ready to buy that first home!
Realize you won’t find the perfect home
This is because the perfect home doesn’t exist. for first-time buyers, getting into the market may mean sacrificing a few things, but it’s a stepping stone. It is important to remember that your first home is an opportunity to get into the market and start to build that equity. It’s not likely to be your forever home but it still puts you much further ahead than renting!
Seriously Consider a Home inspection
A home inspection is a very common condition on a purchase, especially on older homes. It’s important to know potential concerns. A home inspector will go through the house, write up a report and then go through it with you so you are aware of any potential concerns. They can give you advice on the things they think are urgent and the things that can wait. Knowing potential issues can help you make an informed decision.
Pay attention to the little things
When you start to feel pressured to decide, either because of a time crunch to move out of your current place or because you feel you’ll never find what you’re looking for, you may decide to over-look things that might cause some regret in the future.
Pay attention to how the house smells – a strong odor, especially a musty one, can be an indication of mold
Look at small details – if there are cobwebs in the corners, dirty windows, weeds in the lawn and leaves in the gutters, the owners probably didn’t do the best job at keeping it clean. If they didn’t spend the time and money to take care of little things, there is a chance that bigger things, like plumbing or heating/cooling systems may have fallen by the wayside as well.
If the house needs a few minor repairs or new paint be aware that it can take time. It takes a lot more time than you expect to complete some of these small tasks
Be ready to negotiate
If there is something you feel needs to be addressed, put it in your offer. If it’s important to you, make sure you can come to an agreement with the current owners. If you want the home owners to replace the hot water tank because it’s on its last leg, that can be negotiated into the purchase price to either be taken care of by them or have them knock down the price so you can take care of it yourself. This is where a real estate agent can really be an asset, they are trained to negotiate for you. Why not have someone like that in your corner.
Don’t spend all your money on a down payment
Even if it’s not your first home, you may need to purchase things like a lawn mower, appliances and possibly furniture. If you use your entire savings on the down payment, how will you take care of these things? Don’t drain your savings account completely to avoid CMHC fees or to put as much cash down as possible.
Buying your first house can be overwhelming. That is why our CENTUM mortgage brokers here to help. With the best advice from a mortgage broker and a real estate agent, you can alleviate a lot of unnecessary stress and make this purchase as smooth and exciting as it should be.
The pre-approval process creates confidence, education and ease to make one of the largest purchases of your life. When pre-approved, it will clarify the following:
- What is your budget?
- What will be your mortgage payment?
- Do you need to restructure your financial picture?
- It will secure a rate for a predetermined timeframe
- It makes your real estate agent happy and makes you a serious buyer
The bad news: The bank doesn’t necessarily agree with you on how much you make. In some cases, they might see you as more of a credit risk than non-self-employed people and most of the time that couldn’t be further from the truth.
Notice of Assessments, net income after expenses, multiple companies, there’s a lot going on when it comes to getting a mortgage for someone who is self-employed. Proving your self-employed income and its sustainability can be challenging. One of the main benefits of working with one of our CENTUM mortgage brokers is that we’ve got an abundance of lenders to find the one that will see your income the way we need them to.
You’ve spent all this time building a business, let us handle the rest.