First Steps

1. Before doing anything else, make an appointment to see the Loans Officer at the branch where you bank or invest. Such people are in a good position to "qualify" you for a home purchase and tell you just how much money you can afford to spend on monthly mortgage and interest payments. Add this figure to your down payment and you will know how much your purchase price will be. Some banks and trust companies have mortgage specialists who will come to your home and talk to you if that's more convenient. Be prepared to tell the bank how much you earn and what debts you may have (loans and major credit card balances).

2. Talk to your banker about opening up a Registered Home Ownership Savings Plan.

3. Take advantage of the knowledge of such professionals as real estate consultants. Choose one you feel comfortable with and let him/her guide you through the process. A full time agent knows current market conditions, trends, areas and availability and can help you select a home that is right for you. Besides that, there is no fee to you for using your agent. In 99% of the cases, commissions are paid for by the seller (vendor) of the home.

4. When you find a home you wish to buy, you will need a lawyer to act on your behalf. Be sure to choose one who is familiar with real estate transactions. They will save you money in the long run. Ask your agent for the names and number of 3 or 4 lawyers you can call. Remember that price shouldn't be the only criteria for selection.


		Home \| Buying & Selling \| First Home \| Home Evalution \| Newsletter \| Mortgage Calculator \| Find a Home \| Find an Agent \| Tools Frank Clarke, Sales Respresentative, Oliver & Associates Real Estate Brokerage Inc.