Russ and Jon’s 5 of 10 Tips To Buying a Home

1.

Get pre-approved before you start looking. Get Pre-approved with a lender - One of the most important parts of the home buying process is making sure you know what you can a ord comfortably. Having your pre-approval done prior to looking for a home will give you an accurate guide for what you can a ord, and what price range to begin looking in.

2. A er Preappoval – Don’t buy that car. Keep your money where it is, and don’t buy that car, or start a big lease, or start moving your money around all over the place. It might seem like a pretty straight forward and common sense tip but a lender will look again just prior to completion and if you’ve changed things up this can cause problems at the closing table.

3. Try to Avoid your maximum budget - Stay mindful of your budget, because you likely won’t want to be eating mac&cheese for the next decade because you chose to max out the highest amount of mortgage that the lender would give you so that you could buy the biggest house on the block.

4. Don’t Forget Closing Costs - During the pre-approval process the mortgage broker will want to see that you have money to pay closing costs such as lawyer fees, property tax adjustments, maintenance fee adjustments, and property transfer tax.

5. Have Your Deposit Ready - Your deposit will typically be due within 24 hours of or upon subject removal. If your money is in a RRSP, make sure to submit the accepted o er to your bank right away as it can take up to 5 business days to get the money out. It is best to have the money liquid so that you can have the deposit ready without any hassle or complications when you waive subjects.