One of the most important steps in the home buying process is figuring out exactly how much you are comfortable spending on a home. You should purchase a home not based on what a bank says you can afford, but rather what you are comfortable spending each month. Download our Home Buyer Worksheet to figure out how much home you can afford. To figure out how much your mortgage payment will be, visit our Mortgage Payment Calculator page which includes the latest mortgage interest rates. After doing some research, you’ll know whether buying a home is the best option for you right now.
Step 2 – Meet with Your Buyer’s Agent
Choosing a buyer’s agent is an important step in buying a home because this is the person that will guide you throughout the entire buying process. Some buyers believe it’s better to work with the listing agent directly, thinking they’ll get a better deal. But nothing could be further from the truth. The listing agent is obligated to look out for the seller’s interests.
A buyer’s agent, on the other hand, will look out for your best interests, do all the legwork for you, and negotiate the best price for you. Don’t look for an agent who is too nice and just tells you what you want to hear. Hire an agent who will be honest with you and won’t try to push you into buying a house you aren’t sure about. A good buyer’s agent will want you to find the right home.
Once you find an agent you’re comfortable with, have some questions ready for your first meeting. This is a chance for the buyer’s agent to ask you about how your search is going and to answer the many questions that arise when buying a home. Your agent should help outline every aspect of the home buying process so you’ll have a better idea of what is involved.
This is also your opportunity to discuss in detail what type of home you’re looking for, your price range, and which town or towns you’re interested in moving to. Your agent will probably have some suggestions based on your criteria and you may have already begun searching for homes online which you can go over with the agent as well. After you discuss some of your preferences, your agent can begin some more thorough research on what’s on the market.
Step 3 – Pre-Approval Process
Getting pre-approved for a mortgage allows you to see how much a bank will actually lend you to purchase a home. This way you won’t waste time looking at homes priced out of your range. Getting pre-approved helps you find out how much a lender will give you, at what rate, and what the terms would be. This is also a good time to find a good mortgage broker. Working with a qualified mortgage broker is one of the best things a buyer can do to ensure a successful transaction. The mortgage broker should be very knowledgeable with all of the mortgage programs that are available to you and advise you on which documents you’ll need to provide for the pre-approval process. The mortgage broker will pull your credit report, review your tax returns, bank statements, and pay stubs to get everything in order. So be prepared to provide all of these.
Step 4 – Property Search and Viewings
This is the fun part! Our Buyer Advantage Program allows you to have FREE access to every home that is available for sale in Windsor, Tecumseh, Lakeshore, Lasalle, Amherstburg, Leamington, Kingsville and all of Essex County. You’ll also get priority access to the best home bargains in the area, including bank foreclosures, government-owned homes, and estate sales, and recent price reductions. Our unique computerized buyer Buyer Advantage Program allows you to simply enter towns you’re interested in, price range, style of home and other particulars that are important to you. It then provides you priority access to all the homes that meet or exceed your criteria complete with addresses and photos of the interior and exterior of the homes. This system also lets you know about new listings as soon as they hit the market!
Your agent will also have homes they think will fit your criteria. Once you find some homes you like within your budget, you can contact your agent to schedule viewings. View homes with an open mind and don’t be too hard on yourself or the home if it is not a perfect fit. Homes are coming on the market each day, so the right home is definitely out there for you. And once you find the right home, don’t wait to view it! Have your agent show you the home as soon as possible and be ready to make an offer. When you see a home you love, act fast. You don’t want to be outbid and have to start your search all over again.
Step 5 – Make an Offer
One of the most common questions we get is, “How Much Should I an Offer on a Home?” Once you find the perfect home we will submit a written offer on the home. This is another step where you will be glad to have us on your side. Since our buyer’s agents know how to negotiate, they will work to get you the best deal. Keep in mind that contract negotiations are not limited to price, they also include timing, contingencies, and much more. View an example of what an offer on a home looks like.
Step 8 – Closing
This is where all the hard work pays off and you become the owner of a home! Before closing, you should have your agent arrange a walk-through of the home to make sure nothing has changed in the property since the purchase and sale agreement was signed. The “walk-through” is usually done the day before or day of closing. During the actual closing, deeds, loan papers, and other documents are prepared, signed and filed with the registry. At this point, congratulations will be in order now that you are a homeowner!
Have more questions? Team Goran's group of buyer’s agents are here to help! Contact Us.