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Buyer's Guide

Own Your Dream Home Today

Embrace the exciting journey of homeownership with confidence and enthusiasm! The prospect of purchasing your first home may appear daunting, like a leap into uncharted waters. I understand that taking that first step can be overwhelming, especially when you're unsure where to begin. But fret not, because I am here for you, dedicated to guiding you through this life-changing experience. Let's embark on this adventure together and explore the path to owning your very own home.

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Understanding Mortgages

Let's start with the heart of the matter - mortgages. For most homebuyers, a mortgage is an essential tool, and the choices can be vast, varying from lender to lender and buyer to buyer. Your peace of mind begins with understanding your options. I urge you to take the time to explore and engage with multiple lenders, ensuring that you secure the best possible deal tailored to your unique circumstances.

Types of Mortgages

In Canada, Ontario specifically, there are many different types of mortgages. The Financial Consumer Agency of Canada has an excellent webpage on choosing a mortgage that is right for you. It can be found here.
The information focuses on:
  • What is a mortgage
  • What to consider when getting a mortgage
  • How your mortgage choices affect your future
  • Optional mortgage features
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What Do Mortgages Include?

Your mortgage payment is comprised of your Principal & Interest components.
  • Principal: This covers the repayment of the initial borrowed amount, essentially the price of your home.
  • Interest: This payment compensates the lender for lending you the money, adding to the overall cost of your home.
  • Property Taxes: If you choose to have your lender collect your taxes on your behalf, your annual property tax amount will be separated into monthly or biweekly segments and collected with your regular mortgage payment. Whenever a payment is made, the tax portion will be placed into the escrow account. The lender will then pay your property taxes in accordance with the due dates.
  • Home Insurance: Your homeowner’s insurance safeguards your investment against potential risks and can be conveniently deducted at the same time as your mortgage & interest payments as well. You can set this up with your insurer when setting up your contract.
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Going Loan Shopping

Before committing to a specific loan or lender, arm yourself with knowledge. Consult at least two lenders to ensure you secure the most favorable interest rate.
5 Tips for Mortgage Shopping
  1. Consider your Personal Financial Goals
  2. Start Early to look for the best rates
  3. Compare Multiple Lenders for the Best rate
  4. Ask your lender for a better rate
  5. Ask the lender to hold your rate and commit until you close
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Calculating Your Monthly Budget

Now that you're informed about your loan options, down payment expectations, and likely interest rates, it's time to determine your monthly budget. This figure will be instrumental in establishing the price range for your future home. Keep in mind that your affordability hinges on both the home's price and the current interest rates, which can change daily.

Choosing a Real Estate Agent

Your real estate agent is your confidant and guide in this journey. Ensure you select someone trustworthy, knowledgeable about your area, and skilled in catering to buyers of all backgrounds.
If you have questions about where to start or a step in the home-buying process, get in touch with me today.

Schedule a Consultation
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Shopping For Your Dream Home

Welcome to the enjoyable part of this adventure—home shopping! Here, you define your dream home, from the type of property to the neighborhood's location, and all the amenities that make a house a home.
Keep meticulous records of each home visit, jotting down likes, dislikes, and considerations.
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Making an Offer

You've found the perfect house, and now it's time to craft your offer. Collaborate with me to determine a price that aligns with your budget while appealing to the seller. Your offer should be competitive and reflect your seriousness.
I can help you analyze comparable sales (comps) in the area to determine a fair market value for the property. This will inform your offer price.

What Will I Pay Upfront?

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Requesting a Home Inspection

Prior to closing, a professional home inspection is crucial to identify hidden problems. Ensure the house is in top shape before you move in, and request repairs if needed.
If the inspection reveals issues with the property, you can use this information to negotiate with the seller. You can request repairs, ask for a price reduction, or even choose to walk away from the deal if the problems are significant.
A hallway featuring light walls, dark wood floors, a white bench, wooden stairs, and a lamp with a white shade on the left.

Period Until Closing

When handling a real estate transaction, the lawyer begins by opening the client’s file and thoroughly reviewing the Agreement of Purchase and Sale. This document is critical as it outlines the property details, purchase price, deposit amount, completion date, and any additional clauses that may impact the transaction. By understanding the agreement's nuances, the lawyer ensures that all terms align with the client's expectations and legal requirements.
A key aspect of the process is conducting a title search, which identifies any liens, easements, or other encumbrances on the property. This step is indispensable for protecting the buyer's interests and ensuring the property has a clear title. For condominium purchases, the lawyer also reviews the Status Certificate, a document that provides insight into the condo’s financial and legal standing. This review, often a condition in the Agreement of Purchase and Sale, ensures the buyer is fully informed of any potential risks.
As the transaction progresses, the buyer’s lawyer submits requisitions to the seller's lawyer, addressing issues related to the property’s status, title, taxes, and compliance. They discuss title insurance with the client to provide protection against unforeseen title issues and prepare mortgage documents in line with the lender's requirements. As closing approaches, the lawyer finalizes and reviews essential legal documents, such as the Statement of Adjustments and the Transfer and Charge for registration. They also manage the collection and allocation of closing funds, ensuring a smooth completion of the transaction.

Closing Day

On closing day, the lawyer oversees the exchange of documents and funds, registers the transfer, and ensures the mortgage is properly recorded. Post-closing, they report back to the lender, provide a final report to the client, and ensure all the necessary legal documents, and financial aspects are properly concluded. You will have made pre-arrangements to obtain the keys once the funds have been transferred.

Congratulations on the Purchase of your new Home!

Work With Kimberly

Contact me today for assistance in determining current property value, crafting a competitive offer, writing and negotiating a contract, and much more.

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Kimberly Schroeder

(705) 809-5859
[email protected]

Brokerage Office

4711 Yonge St Fl 10

Toronto ON M2N 6K8 CAN