Heather James

First Time Buyers

Buying your first home is a THRILLING experience. I am an expert at making you an educated buyer before you even begin the home shopping process. I will assist you throughout the process including looking beyond the potential home's cosmetic value, working with your parents (!), ensuring that you have the right professionals to complete the transaction, providing resources and strategies for optimum purchase value, and pre-closing inspections, etc. Call me now and we can get started!

Following is a list of 5 top things you can research before heading out to buy your first home:

1. How's your credit? Many first-time homebuyers are unaware of their credit rating. You can find out about your credit score through a mortgage professional or lender, or you can also obtain your score online on websites such as Equifax.com (if you don't know a Mortgage Broker call me!)

2. Mortgage calculators. Virtually all mortgage professionals and lenders offer helpful calculators to help you determine how much you can afford to spend on a home based on monthly mortgage payment amounts. Your current income and debts, among other things, are taken into consideration during this process. Before you go shopping, know how much you can live with and without!

3. Obtain a pre-approval. Your mortgage professional or lender representative can help you obtain a pre-approval so you know exactly what you can afford to spend on a home. You don't want to be house poor - but statistics show real estate in Canada (especially Toronto) has been a solid performer from an investment choice.

4. Determine your down payment. Homebuyers today can make a purchase for as little as just a few percent down. Talk to your Mortgage Broker about this too as gifts from family, RRSP's and other financial instruments may be used in this important purchase.

5. Consider closing costs. Closing costs must be taken into account when making a home purchase. These are costs above and beyond your down payment and monthly mortgage payments, and include such things as legal fees, land transfer tax and utility adjustment costs. Buying pre-construction has a completely different schedule of payments and costs as well.

I can help you figure out anything above, so don't worry if you get stuck! And if you want to meet with me with or without your parents, call and we can set up that appointment.