You’ve found your dream home, the seller has accepted your offer, your loan has been approved and you’re eager to move into your new home. However before you get the key, there’s one more step—the closing. Also called the settlement, the closing is the process of passing ownership of property from seller to buyer. And as many buyers can attest to, it can be bewildering.

As a buyer, you will sign what seems like endless piles of documents and will have to present a sizeable cheque for the down payment and various closing costs. It’s the fees associated with the closing that many times remain a mystery to many buyers who may simply hand over thousands of dollars without really knowing what they are paying for. As a responsible buyer, you should be familiar with these costs that are both mortgage-related and government imposed.

Although many of the fees may vary by locality, here are some common fees:

Appraisal Fee: This fee pays for the appraisal of the property. You may already have paid this fee at the beginning of your loan application process.

Credit Report Fee: This fee covers the cost of the credit report requested by the lender. This too may already have been paid when you applied for your loan.

Loan Origination Fee: This fee covers the lender’s loan-processing costs. The fee is typically one percent of the total mortgage.

Loan Discount: You will pay this one-time charge if you have chosen to pay points to lower your interest rate. Each point you purchase equals one percent of the total loan.

Title Insurance Fees: These fees generally include costs for the title search, title examination, title insurance, document preparation and other miscellaneous title fees.

PMI Premium: If you buy a home with a low down payment, a lender usually requires that you pay a fee for mortgage insurance. This fee protects the lender against loss due to foreclosure. Once a new owner has 20 percent equity in their home, however, he or she can normally apply to eliminate this insurance.

Prepaid Interest Fee: This fee covers the interest payment from the date you purchase the home to the date of your first mortgage payment. Generally, if you buy a home early in the month, the prepaid interest fee will be substantially higher than if you buy it towards the end of the month.

Escrow Accounts: In locations where escrow accounts are common, a mortgage lender will usually start an account that holds funds for future annual property taxes and home insurance. At least one year and two months worth of homeowner’s insurance premiums will be collected in advance. In addition, taxes equaling approximately two months in excess of the number of months that have elapsed in the year are paid at closing. (If 6 months have passed, 8 months of taxes will be collected.)

Recording Fees and transfer taxes: This expense is charged by most provinces for recording the purchase documents and transferring ownership of the property. Make sure you consult a real estate professional in your area to find out which fees—and how much—you will be expected to pay during the closing of your prospective home.

An option often overlooked by those desiring homeownership is purchasing a condominium or condo. The traditional detached single family home is not the ideal situation for everyone. For those just starting out, affordability may be an issue. An empty nester may want to downsize and not have the hassles of yard work and other maintenance. Or it can simply be that the traditional family home doesn’t suit your lifestyle.

When you own a condo, you own the title to the space within the wall of your living quarters. Common areas such as hallways, roofs, parking lots, green areas and pools are shared with the other owners in the complex. The more common type of condo is the apartment-style, in which you may have units on either side of you and above and/or below. However, there are other styles. There are units that are designed more like townhomes, with single or multiple levels and one or two common walls with neighbors. You may even find a condo in a building that was a multi-unit apartment converted to condo units.

Condos are attractive to many buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a single-family detached home. Of course there are exceptions, such as the luxurious condominiums that many developers are building in downtown and affluent neighborhoods.

One factor to consider is that condominium owners generally must pay a condo association fee monthly. These fees defray the cost of maintenance, repairs and upgrades to the community’s common areas as well as the cost for the services of a property management company.

However, if you would rather spend your free time doing something besides mowing the lawn, painting the outside of your home, or waiting at home for the pool maintenance person, then a condo may be for you.

Other advantages of owning a condo are the amenities that may be part of your complex such as pool, tennis court, fitness center or clubhouse. These are some of the perks you might not be able to afford or even have room for if you were to purchase a single-family home.

Of course, as with all things, there are some disadvantages to owning a condominium, such as the lack of privacy that a single-family home affords. You are also confined to the rules and laws of the community association, which can run the gamut from how to display a satellite dish to the type of animals you keep.

Is a condo the right living arrangement for you? Make an informed decision by weighing the pros and cons. Talk with a real estate professional who is familiar with condominiums and the laws that govern them. Preview the various condos in your area to get an idea of how the properties are run. If your real estate professional has sold condos in any of these complexes, find out the type of feedback he or she has received from clients.

Condo living isn’t for everyone, but can be an attractive option for those who want to own instead of rent.

Buy a private listing? Use an agent? Why should you use someone who seems to make a lot of money for nothing. Will Com Free really save you a lot of money? Here is a perspective from someone who has been an agent for a few years and has bought and sold over thirty properties in the last number of years.

There are many things to consider when you want to buy or sell real estate. You are dealing with large sums of money and want to make an excellent decision. Excellence demands input from someone knowledgeable. Some people rely heavily on their lawyer to make sure that they are making a correct legal decision. That is wise, and a move that I heartily encourage. You also need someone who knows what market values are and that happens to be the real estate agent. A good agent can tell you within a few thousand dollars how much a place should sell for. So how do you choose?

Trust. That is the one ingredient in looking for an agent. You should never, never use an agent whom you do not trust. Just because agent X has a place listed, does not mean that you should buy through him/her. You should choose an agent who has earned other people’s trust through his/her honest dealings with others. Ask your friends for a referral for someone they have dealt with and with whom they have been happy.

Hot market – who needs an agent? I can sell it myself and save myself a lot of money. Ever hear that? That is someone who has not experienced the power that demand has. When more than one person wants your property, you as an individual must choose which one to sell to. But when an agent deals with it, they can set up a bidding war, often netting you many thousands more that an agent can cost you.

Insurance. What kind of insurance can you buy to prevent someone suing you in the event that a crack in the foundation is discovered that might have the appearance of being covered up. With an agent you have the protection of their insurance in the event something goes wrong, or something is forgotten in the declaration of items in your home.

Spotting a good agent – Conflict of interest is the first big consideration for you in picking an agent if you can’t find a referral. If an agent has an interest in a development of their own, and wants to list your place, you are vulnerable to additional showings to help that agent sell more of their products. It’s a little like setting the fox to guard the hen house. You are helping to put temptation in their path that should not be there. Look at the RCMP – do they allow their people to work in the same area that they grew up in? Rarely – they are wise enough to know that temptation to let a friend get off would compromise their good name. When I was selling real estate, I talked to a fellow agent about jointly buying their wonderful property with lots of potential for development. He gave me a very wise answer – Jim, I sell real estate, I don’t buy it. Wisdom.

Working smart. How can you get an agent to work hard for you? Insist on them using the MLS system (Multiple Listing Service). It’s the numbers that create demand and that give exposure, giving you the best price if you are selling and the most options if you are buying. MLS also ensures that the other companies are aware of your product. If an agent unwittingly or purposely lists your property too low, there will be a huge demand because everyone loves a bargain. There are agents who have friends looking for just your kind of property, especially if it comes in thousands below market value. To avoid those pitfalls, back to TRUST.

Commission. We all want the lowest commission possible to save money when we buy or sell. But look at what motivates other agents to show your place – I’ll help you with the hard ones – it’s money. When you list, you need to ask the question – how much do you get, and how much does the selling agent get? Some unscrupulous agents have begun the practice of tilting the table their way so that more than half comes to them when they list a home. The opposite should be true – you want as much of the pie as possible going to the selling agent – they have the buyer. A technique that we have used to draw more attention to a property is to list at say 7 percent, and ask that 4 percent be paid to the agent who brings the buyer. When the agents look at what is available for their buyers, whose place do you think they’ll show first, the one where they earn 2 or 2 ½ percent or yours at 3 ½ or 4 percent? You pay no more, you just split it differently, and to your advantage – you are paying the bill after all.

These are a few of the techniques that have helped us. We can’t stress enough 1) to use your agent, not the one who has the property listed and 2) to choose an agent whom you trust. Period. Happy hunting!

One of the largest investments a family will ever make is a home. If you are buying a home, you need to ask yourself this question; “Should I hire a home inspector to assist me in my purchase?” You might not realize the importance of hiring one right away, but perhaps if you knew how a home inspector could benefit you in the purchase of your home, you might change your mind.

What is the role of a home inspector? A home inspector specializes in inspecting every detail of your home. He will check to ensure the home you are buying is structurally sound and will provide a detailed analysis of the electrical, plumbing, appliances, pools or Jacuzzis, insulation, roof, flooring, water and even the air quality. Once you realize what a home inspector does you will ask yourself; “Can I buy a home without a home inspector?”

How do you choose a home inspector? You should be able to find one in the telephone directory but beware of whom you hire. A home inspector should carry an up-to-date licence or certificate from a home inspectors’ school and appropriate insurance, and should provide a list of previous clients as referrals. Over the years various tradespeople (contractors – builders – or painters), have taken on the role of home inspector without the proper training, licensing or insurance. This has caused some very costly and damaging home purchases. To prevent this from happening to you, take the time to check who you are hiring. A little investigation will save you a lot of grief and money in the end.

What does a home inspector charge? Home inspectors’ fees vary, but for a detailed and signed home inspection you will pay between $250-500. It is a one-time fee and with that you should receive a full-length document detailing an analysis of all the above-mentioned areas. Only once the inspection is complete and you receive your final documentation, are you required to pay the fee. The inspection takes an average of three to five hours to complete depending on the size of the home and added features, such as pools or Jacuzzis.

When you are in the market to buy a home, sellers may try to take short cuts, cover up damages or avoid discussing certain things. A home inspector asks the seller the hard questions, questions you may not think to ask, and then inspects each and every detail. Paying that one-time fee could save you thousands of dollars in the long run. Investigate and make your purchase with a wise and informed decision. Hire a home inspector and protect your investment.

The housing market has become much more competitive. Many communities are beginning to see homes remain longer on the market and the bargaining pendulum swing in favor of the buyer. This is called a buyer’s market, as the number of available homes outnumbers the buyers. As a seller, your challenge is to turn a buyer’s market to your advantage.

The right price is vital, because overpricing your home can cause you to eliminate potential buyers and lengthen the time that your home stays on the market. But equally important is making sure that you give your home a competitive edge by giving it creative eye appeal.

Many homeowners make the mistake of believing they are selling “their home,” but once on the market your home is actually a product. You need to create an environment the buyer can’t resist. In other words, do everything you can to make the home so attractive, charming, cozy, inviting, comfortable and exciting that a buyer will want to buy that lifestyle for himself/herself.

This can be accomplished by making just a few improvements to your home’s presentation. Here are some guidelines to make your property distinctive and memorable.

Eliminate Clutter
Have you ever noticed how model homes are perfect with no mess, clutter, or mass of personal belongings heaped about? There should only be a few exquisite and well-placed accessories on tables, desks, chests, etc. Also clear kitchen and bathroom counters and furniture of everything except decorative accessories. Put the personal things – cosmetics, toiletries, clothes, bills, papers and homework – out of sight. Tuck wastebaskets under counters or inside cabinets. Clutter and personal belongings detract from the important feature of the home.

Create a color theme
If you embark on any investment decorating, like painting, wallpaper, draperies or new furniture purchases, create a color theme that’s consistent. Wall-to-wall carpeting should be the same throughout the house. Neutral colors are best to please all tastes.

Rearrange the furniture
Just the slightest readjustments can make a big difference. Pull the furniture from against the walls to create a more intimate setting. Move furniture from one room to another. That extra armchair in the living room may create a cozy sitting area in the guest bedroom.

Create custom spaces
Luxury master bathrooms, decorator kitchens, built-in cabinets, computer workstations, exercise rooms, and children’s play areas are the kinds of features that generate sales appeal. Even if you don’t have these specific custom spaces, you can fashion them or suggest the potential for creating them.

Accessories, mirrors, plants and fluffy new towels can generate a feeling of luxury even in a plain-jane bathroom. Turn an extra bedroom into an exercise room if you’ve got the equipment or a lost space into a child’s play area or hobby center.

Keep it clean and pristine
Dust, vacuum, mop and polish on a regular basis. You’re not selling the furniture, but a high shine on wood furniture and floors can make a room sing. Touch up nicks on walls and make sure the porcelain sinks and tubs and metallic fixtures shine. Windows should sparkle. Keep yards and landscaping neat and attractive. Add color spots of flowers to perk up entry ways and yards.

Consult with a professional
There are decorator professionals trained to “stage” a home for sale. They are able to offer an objective view of what buyers are looking for in your competitive market. Depending upon location, neighbourhood, demographics and price range, the special touches that turn on buyers may range from splashy master bathrooms and gourmet kitchens to children’s play area or home office.

You don’t have to spend a great deal of money to give your property the competitive edge. Just try to imagine the kind of lifestyle your target buyer would enjoy, and use a few decorative touch-ups to create it.

When you look at your November and December calendars you may find the months already overloaded with seasonal obligations — shopping, entertaining, children’s pageants, charity work, decorating the house, and so much more. If you are also trying to sell your home, you are under extra pressure to keep your home in “Showtime” condition. And that could be the last thing you need before the holiday spirit is broken.

It is understandable why you would be tempted to take your home off the market during the holidays. And the list of justifications is long. If you are too busy, buyers may be also, and you may find your efforts unrewarded by enough showings. And what if you do get an offer? You may be faced with the possibility of packing and moving during the busiest time of the year. Besides, you can give your house a rest, and it will have better momentum after the holidays. Better to just pack it in and start fresh in January, right?

But wait! Most top Realtors agree that taking your home off the market during the Christmas season is a mistake. The house sure isn’t going to sell off the market! What is the advantage of that? So you’re busy. Let your Realtor do the work. You can leave in the morning, go to work, go shopping, and let your Realtor take care of things.

The holidays are a wonderful selling period. Why? Because most people take off work sometime during the season. The husband and wife are both off and want to see houses. Most agents like the holidays because the buyers have more time, and they can look at homes together. Before you take your home off the market, consider the following points:

Although buyer activity may appear to slow down, the buyers who are actively looking during the holidays are that much more serious. Agents believe the home market is no more affected at Christmas than during other “busy” periods. If that were so, the market would shut down throughout the year as families concentrate on spring weddings, June graduations, summer vacations, and autumn back-to-school activities.

Many buyers deliberately choose to shop for a home after the busy spring and summer rush. They know that it will be easier to look, and that negotiations will be less stressful. They may not have children, or they may have grown children, so moving to accommodate the school year isn’t a consideration. Finding the right home at the right price, however, is.

Relocating families often don’t have a choice in when they can leave for their new destination. Although 68% of transferring families have children, many families have to transfer during the middle of the school year. These families are that much more motivated to get their families settled in before the January semester begins, or to arrange for the move during spring break in March. If you sign a contract by New Year’s Eve, the timing couldn’t be more perfect.

At Christmastime, our culture focuses on family and the home. Preparing for the indoor activities of winter is one of the most enjoyable periods of family life. Allowing buyers to view your home during this most hospitable of seasons lets them better picture their own family life in the attractive environment you have created.

When is your home ever more beautiful and inviting? You have cleaned and decorated, and your home looks like a picture postcard. If the results are good enough for family and friends, they will surely be good enough to impress your buyers. Get the family team on board to do a five-minute blitz pick-up every morning to keep holiday messes to a minimum.

With reduced inventories and motivated buyers, you will have all the members of the Multiple Listing Services on your team. You may find you have more showings than you would if you marketed your home during a busier time of the year.

If you do get a contract, you can arrange the terms to suit your needs. If moving during the holidays isn’t an option, you can put in the closing date of your choice. Most people can close 30 to 60 days after a contract is written, so there is plenty of time. Possession and closings are very negotiable.

Home shopping. For first-time homebuyers it’s an exciting, albeit nerve-wracking, experience. If you’re like others in the market for their first home, you probably have in mind exactly how your soon-to-be home will look.

But it’s important not to fall into the bad decorating, dingy walls, and dirt-bare back yard equals bad-home trap. If you don’t see past the hideous wallpaper, funky light fixtures, and avocado green carpeting, you may miss out on a home with great potential.

And, if you’re looking for a home in a seller’s market where homes are being snatched up as soon as they go on the market, you’ll come to realize you can’t be choosy if you want to make a competitive offer.

One of the first things to do is to get pre-qualified for a loan and determine the maximum you can afford to offer for a house. Don’t look at homes that are asking for more than 5 percent above your maximum, otherwise you’ll be setting yourself up for disappointment if you find the perfect – but outside your budget – home.

So what to do?

The floor plan of the home is extremely important. If a floor plan isn’t quite to your liking, consider rearranging it or adding on. If you’re looking at an existing home and will need to remodel or expand to suit your needs, the estimated cost of renovation should play a role in how much you offer.

Also, consider the features of a home:

Walls. While walls are one of the easiest things to remedy, they also make a huge first impression. If the walls need to be painted, are covered in wallpaper, or are painted a color you find distasteful, picture them crisp and clean in the color of your choice – that’s how they could look after you paint them.

Floors. Like walls, carpet or floor surfaces that are old or outdated can be easily replaced. You could even ask for a carpet allowance in your bid, especially if you’re in a buyer’s market.

View. Things like old, ugly -even dirty – windows and window treatments can make a view appear less desirable. Those things can be improved, so unless the only view you have is of your neighbor’s clunker on the side of the house, don’t get hung up on what is surely a fixable view.

Landscaping. Your best bet is a moderately landscaped yard because you can always improve landscaping without spending too much. Worst case, even if you’re looking at dirt, landscaping is one of the more feasible projects to tackle. Plus you get to design it however you’d like if you’re starting from scratch.

Closets and garages. You can never have too much storage space, which is why so many newer homes have three-car garages. But if you encounter a converted garage that is now a bedroom or storage room, don’t give up. Converted garages can almost always go back to their original purpose without much cost or labor.

Kitchen. The kitchen is the most popular room in the house and many homeowners want their kitchen to be large and have modern appliances. Don’t let color schemes from the ’70s detract you, because there’s nothing like a fresh coat (or two) of paint to make a kitchen your own. Plus, if you like the rest of the house enough to make an offer, you can give the kitchen a minor spruce-up with some new appliances, or a major overhaul complete with new countertops, cabinets, and flooring.

The exterior. If the home you’re looking at doesn’t have good curb appeal, try to picture it with a fresh coat of paint and spruced-up landscaping.

Pools. If you want a pool, buy a home with a pool already built in. The cost of adding a pool starts around $25,000, and paying to add one later will never yield a dollar-for-dollar return on investment. The cost of repairing a pool is less than putting one in, so if you’re looking at a home with an old pool that looks like it’s in bad shape, it’s still a better bet than putting one in later.

When making an offer, bear in mind the things that you can’t live without, as well as your budget. Also, be sure you hire a professional home inspector to inspect the house. If the home’s systems are in good working order and the house has everything you want except a minor item or two, make an offer accordingly.

Most importantly, keep in mind that unless you’re building your dream home from scratch, you’ll probably never find the perfect home. But seeing past a previous owner’s bad decorating choices to the core of the home and its potential for livability will yield you the home you’ve always wanted. It may take some work, but hey – it’s yours!

When you are buying a home, there are many problems that the seller is obligated to disclose but these disclosures don’t always paint the entire picture of the home. Here are six questions you may want to ask that can offer additional insight about the prospective home before you make a final decision.

Why is the seller selling the house?

This question may help you evaluate the “real value” of the property. Is there something about the house the seller does not like? If so, you may be able to adjust the purchase offer accordingly.

How much did the seller pay for the house?

This question can, in some instances, help the buyer negotiate a better deal – maybe even get the seller to carry part of the loan. However, it is important to remember that the purchase price is influenced by several factors, like the current market value and any improvements the seller may have made to the home. The original purchase price might not have anything to do with the current value of the house.

What does the seller like most and least about the property?

By asking the seller what he or she likes most and least about the property, you might get some interesting information. In a few cases, what a seller likes the most about a home might actually be something the buyer is looking to avoid. For example, if the seller descries his house as being in a “happening community”, the buyer might consider this a negative factor because the area may be too noisy or busy for his or her taste.

Has the seller had any problems with the home in the past?

It is also a good idea to ask the seller if he or she has had any problems with the home while living there. Has the seller had problems with a leakage from the upstairs bathroom in the past? If so, even if the leak has been corrected, the floor and walls around the bathroom might have been damaged. You should also check that these items were repaired properly.

Are there any nuisances or problem neighbors?

Use this answer to find out about any noisy neighbors, barking dogs, heavy airplane traffic or even planner changes to the community, such as a street widening. This may five you insight on why the seller is really moving.

How are the public schools in the area?

Because the value of a community is usually greatly influenced by the public schools in the area, finding out the buyer’s perception can give you some insight about the quality of the area’s schools.

Knowing all you can about a prospective home, not only helps you decide if it’s the home of your dreams, but what offer to make as well. Your real estate professional can help you get your key questions answered and give you advice on how to evaluate your findings.

For many people who have been renting for years, the question may become, “Is it better to continue renting or would I be better off buying?”

Almost always, you are better off becoming a homeowner than continuing to rent. The only time you should continue to rent is if you intend to move within a few years, your rent is very low, or you don’t expect to live more than another 15 years.

Without doubt, both renting and owning a home have advantages and disadvantages. Therefore, it is important for you to understand these differences so you can make the best decision for you and your lifestyle.

Stable Housing Costs - One of the challenges associated with renting a house is that rent can be unpredictable. Most often, a property owner will raise the rent annually, even if it’s just by a small amount (even in Manitoba with rent controls). When buying a house, if you decide on a fixed rate mortgage, the payments will stay the same throughout the term of the mortgage (normally five years). Your property and education taxes may go up, so keep these increasing expenses in mind.

Equity – Money that you pay towards the principal on your mortgage each month (or each week) increases the percentage of your home you own. In a way, you are forced to pay yourself first! Of course, one of the biggest advantages in owning a home is that over the years, as the value of the house increases, your equity also increases. Let us say you purchased your home for $125,000. In seven years of owning the home, the value of the house goes up $20,000. That means when you go to sell, you now have $20,000 more in your pocket, plus the difference between the original purchase price and the remaining mortgage amount. And you don’t have to pay any income tax on the gain from your principal residence. With renting, all of the money you pay to your landlord is his or hers, providing you with zero benefit.

Pride in Ownership - Owning your own home allows you to say the house is yours. That means you can customize it however you want: if you want to paint the bedroom, you can. If you want to plant flowers, paint the outside, put in new carpeting, or whatever you want to do, you can because you own the house.

Expenses – Now, being a homeowner also means being responsible for your own expenses. In other words, if something breaks like a hot water tank or the furnace, then you pay, whereas when renting, the landlord would be responsible.

Freedom of Mobility – Finally, buying a home means that you are set, at least for awhile. Keep in mind that you could move within a year but you would likely lose money on the home.

Most everyone has heard that renting means “throwing your money away” on rent. That’s mostly true, but not entirely. When you buy a home you will still throw some money away on things that don’t build any equity. These include: purchasing costs; interest on your mortgage; property taxes; property insurance; CMHC fees for mortgages with less than 25% down; and maintenance.

These aren’t chump change. In fact, if the only financial advantage to buying a home were building equity with each payment, it wouldn’t be enough to offset these expenses. What makes home-buying a good deal is all of these things together: you build equity, your mortgage payments stay the same, and your house value increases over time.

With house values increasing substantially in Manitoba during the past few years, present homeowners have finally seen the real benefit of being a homeowner. For new homeowners, the higher prices make the monthly mortgage costs higher, but it’s usually still better than renting

If you are making the transmission from renter to homeowner, you’re not alone. In 2004, 40 percent of homebuyers were purchasing for the first time, according to “The 2004 National Association of REALTORS® Profile of Home Buyers and Sellers.”

With interest rates at all-time lows and a booming real estate market, now’s a good time to purchase real estate. However with the prospect of making one of the largest investments you’ll ever make in your life, you can easily become overwhelmed. Some of the questions you may be asking are: Will I be able to afford the home of my dreams? Do I have enough money for a down payment? Will I make smart enough home buying decisions? If you go into the process prepared, your first purchase can be a good experience.

Resources—Before starting out, educate yourself on the process. Check your library or local newspaper to find a homebuyer seminar that you can attend. It has a list of common questions of first-time homebuyers, information on mortgage and home-buying programs, access to housing counselors, downloadable tools such as a wish list and home-shopping checklist and tips on selecting a real estate professional. Other informative sites to check out are www.ginniemae.gov and www.realtor.com or the website of a real estate company you know and trust.

Your real estate professional is also a great resource. Don’t hesitate to let him or her know that you are new to the process. They will expect you to have questions at each step-from house hunting, to making an offer to the closing costs to think about.

Affordability—By looking at your income and debt ratio, your sales professional can help you calculate out how much you will be able to pay each month in mortgage payments. But before determining your price range, you should also take into consideration other factors that will affect your monthly budget once you are a homeowner, such as property taxes, insurance, utilities, and maintenance. And if your down payment is less than 20 percent of the cost of the home, you will be responsible for private mortgage insurance, more commonly referred to as PMI.

Mortgage Payment—Fear of being rejected for a home loan is one of the main concerns for first-time homebuyers. To lessen the stress, you may want to get pre-approved for a loan before looking at prospective homes. This will not only help you feel more confident, it will also give you an advantage where there are multiple offers for a specific property. In addition, the fact that your loan has already been approved is of great value to the seller because it shortens the purchasing process, and there is less of a chance that the buyer will back out of a sale. If you don’t have a specific mortgage lender in mind, ask your sales professional for a recommendation.

Down Payment—The down payment amount varies depending on the value of the home you choose and your mortgage lender. And in some cases, first-time homebuyers can purchase a home with no money down. Although it varies from province to province, most offer government-funded programs for first-time buyers that help people buy a home with no down payment. Your real estate professional will be able to explain the different options available to you.

Making offers—Don’t feel pressured into making an offer on the first home you see. This is a common mistake of many first-time homebuyers. Make sure you view different homes to get a feel for the marketplace. When you decide on a home to make a bid on, work with your real estate professional to get all of your questions answered before making an offer. But don’t wait too long to make an offer. The longer you wait, the greater the chance other prospective buyers may place offers, making it harder for you to negotiate a good deal.

Above all, remember there are no silly questions. Make sure you understand and are comfortable with every aspect of the transaction. Your real estate professional can be an invaluable asset in helping you make educated decisions so that your first home purchase is a rewarding experience.