If you still need help qualifying, we can discuss having a parent cosign the mortgage with you, which is very common with millennial homebuyers. I’m here to help, so get in touch for answers to all your questions!

Find an Agent

Finding the right real estate agent is important, but finding the right mortgage broker can save you money over a longer period of time. You need to find someone who you can trust and that understands what you are looking for in a home. Without sounding too self-serving, we think you found the right website!

Consider all the costs

If you’re buying a home that needs some work, make sure you have a couple of appraisals of the costs involved to get your home the way you want. Don’t forget to budget for legal fees, starting at about $1,000 typically, utility hook-ups, movers, moving costs, storage rentals (if needed) and cleaning services (if desired). Any other applicable adjustments will be made on closing. For example: If the seller has paid for three months of the property taxes and you are closing with one month remaining of that prepaid tax, the seller will need a reimbursement from you, the buyer, on closing. This will be part of the cheque given to the lawyer.

Purchase homeowners insurance

Once you’ve made sure the title is clear and there are no problems with you taking on ownership, make sure to purchase homeowner’s insurance. If something happens to your home or your belongings, Shop around at least 3 insurance companies, or use an insurance broker, and make sure you’re not just getting the best price, but also the best value and coverage.

Closing on the home of your dreams!

The closing is essentially the hand-off, where all the lawyers and players get together, everyone is in a good mood because this crazy process is finally over, and the signing begins.

Post-closing, you own the house and can move in at any time. But there’s a lot of paperwork that you need to sift through in preparation for closing, and you will spend many, many hours on the phone with your lawyer, bank loan officer, broker, and possibly a contractor (discussing any repairs that the bank may require in advance of closing). Just be patient, have a good printer/scanner at the ready, and take it one thing at a time.

One thing to note for freelancers: since you’re probably not making consistent deposits, you’ll have to provide documentation to the bank explaining any “large deposits” – so make sure you keep excellent records tracking your income.

You should also make sure that both partners’ names are on all of your bank accounts – for some reason our savings account is only in my name, so I’ve had to sign (and have the bank sign) a “Gift Letter” documenting every transfer from our savings account into our joint checking account saying that I basically gave our marital union a “gift”. Why? No very good reason, other than procedure and to make me crazy.

Prior to closing, the bank will also do their own appraisal and inspection – they want to know that the house is “worth” the amount of money that you’re borrowing to pay for it, and they may require some fixes to be made in advance of closing. These are generally the seller’s responsibility to fix and pay for, but of course who does and pays for the repairs is open to negotiation.