BUYING

HOME BUYING PROCESS


1. Define Your Goals

Before you start looking for a home, consider why you want to buy a home. Are you tired of renting? Do you want to buy an investment property? Figuring out why you want to purchase a home will help you make important decision down the road. Considering what you want and need out of your home will help you narrow down your home search as well. What neighbourhood do you want to live in? How many bedrooms? Know your preferences so you can filter out homes that don't fit your criteria.

2. Secure Your Finances

Knowing your budget upfront helps you focus your search and can save you both time and stress. Use a mortgage calculator to see how much you may be able to afford and what your mortgage payments would look like. Make sure have some cash in hand for down payment and closing fees. 

In Canada, you need a down payment of at least 5% to buy a home. However, make as large a down payment as you can to lower your mortgage payments and potentially avoid paying additional costs such as mortgage insurance.



3. Apply For Mortgage

Talk to a mortgage professional to determine your buying power. They can help you to find out how much you can afford, how much you should put towards a down payment, and can walk you through loan options and other costs or fees associated with purchasing a home. 

Be sure to get a mortgage pre-approval. A pre-approved mortgage means the bank has made a commitment (subject to conditions such as a property valuation) to loan you the money for your home. This tells you how much you can borrow if you decide to borrow.

4. Make An Offer

Once we've found the home you're interested in, we can help negotiate a fair offer based on comparable homes in the area. If the seller accepts the offer, you'll make a down payment and be officially under contract. 

During the due-diligence period between signing the purchase agreement and closing on your home, we will help you understand the conditions, provisions, and obligations of your contract. As well as guide you through the appraisal and home inspection processes. 

5. Close On Your Home

Congratulations! You've made it to the final step of your home buying journey. At closing you'll sign your mortgage paperwork to solidify your purchase. From there you officially become a homeowner and will be handed the keys to your new home.

Find your dream home now!
ACTIVE
SOLD
Reciprocity Logo The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.