Buying your first home | Who you need on your team
Buying your first home is an exciting time in your life and a smart investment for your future. Since this is one of the biggest investments you will make in your lifetime, my goal is to help you be well prepared before you set foot into any home. If you don’t want to find yourself stuck in the middle of a homebuyer’s worst nightmare, there are three key people you should be working with: a real estate agent, a mortgage broker and a home inspector. This trio will put you on the track to a successful purchase.
REAL ESTATE AGENT
Your real estate agent is the person who will guide you through the maze that a home purchase can be. Find one you can trust. Ask your friends and family if they can refer you to someone they had a good experience with in the past. Interview at least three real estate agents and decide who is best suited to you.
Don’t be shy, go ahead and ask lots of questions! How long they have been selling real estate? Are they familiar with the area you are looking to buy in? Are they full time or part time agents? This is important depending on how motivated you are to buy. If you are looking to buy in a short period of time, work with a full time agent who can dedicate the necessary time to get you into your new home quickly.
MORTGAGE BROKER
Financing is extremely important in the purchase of your new home and doing it right can save you thousands of dollars. Most people will need to get a mortgage and there are two main ways of obtaining one: through a bank or through an independent mortgage company. In both instances, you’ll work with a mortgage broker who will give you advice on which mortgage meets your needs. The broker will work with you to get you pre- approved for a mortgage adn help you to figure out how much you can afford.
If you decide to get your mortgage through the bank, be sure to shop around for the best deal. It is a competitive market out there so get rate quaores from as many financial institutions as your can. Independent mortgage brokers will do this research for you and present you with a range of mortgage rates and options.
HOME INSPECTOR
Although, you won’t need a home inspector until you find that dream home, you’ll want to make sure you have one close at hand. You never know how fast you will need to move to get the house you have fallen in love with. Since home inspections have become the norm in any home purchase, finding a good inspector has actually become difficult. There are unqualified home inspectors out there preying on buyers who don’t know the difference. Buyer beware! Check that the inspector belongs to the Canadian Association of Home Inspectors. You’ll want a registered home inspector who has the right credentials.
Being a first time home buyer is an important life event and it means you will have many decisions to make. Once you’ve got all the important things sorted out, have fun with it! After all, becoming a homeowner mens freedom from rent and the beginning of a new chapeter in your life. Happy home hunting and good luck!
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Here are 10 Questions to ask your Home Inspector.
The purchase of a home is likely the largest financial expenditure you’ll ever make. And getting your home inspected is an essential step in the home-buying process. No one wants to buy a money pit – and once you have signed on the dotted line, there is no turning back.
The best way to ensure you use a professional home inspector is to seek referrals from your mortgage professional, real estate agent or friends. Since you want to be able to trust your home inspector’s judgement, you have to ensure they’re not part-time home inspectors just trying to make some extra cash on the side, or they aren’t only home inspecting so they can also offer to complete any work for you that you need done on the home. To ensure the job’s done right, after all, the home inspection must not be biased.
The purpose of a home inspection is for the inspector to be able to tell you everything you need to know about the home you’re going to purchase so that you can make an informed decision.
Following are 10 key questions you can ask your home inspector before they’re hired to ensure the inspection will be completed professionally and thoroughly:
1. Can I see your licence/professional credentials and proof of insurance?
2. How many years’ experience do you have as a home inspector? (Make sure they’re talking specifically about home inspection and not just how much experience they have in a single trade.)
3. How many inspections have you personally completed?
4. What qualifications and training do you have? Are you a member of a professional organization? What’s your background – construction, engineering, plumbing, etc?
5. Can I see some references? (Make sure you also check the references.)
6. What kind of report do you provide? Do you take pictures of the house and add them to your report?
7. What kind of tools do you use during your inspection?
8. Can you give me an idea of what kind of repairs the house may need? (Be wary if they offer to fix the issues themselves or can recommend someone else to complete the job cheap.)
9. When do you do the inspection? (Let’s hope they don’t have a day job, and can only do them at night when it’s too dark to see the roof. It’s best to stay away from part-time inspectors.)
10. How long do your inspections usually take?
Michael Hallett, Mortgage Broker
Dominion Lending Centres
604 616 2266
mhallett@dominionlending.ca
Here are 10 Great Reasons to use a licensed mortgaeg broker.
1. Get Independent Financial Advice. As an independent mortgage broker I am not tied to any one particular lender or a range of products. I will start by getting to know your ownership goals and then make a recommendation, drawing from available products that match your lifestyle and long term goals.
2. One-Stop Shopping. It could take weeks to do your comparison shopping – appointment after appointment and time off work. I work directly with dozens of lenders, and can quickly narrow down a list that would suit your situation. Shopping made fast, easy and convenient.
3. I Negotiate On Your Behalf. Many people are uncomfortable with the negotiation process – I negotiate mortgages everyday on behalf home buyers. I will secure the best rate for you.
4. More Competitive Rates. I have access to a large network of Lenders securing residential mortgages in BC, so your options are extensive. I also have access to credit unions and trust companies.
5. Securing the Best Rates and Terms. Are you already pre-approved by your bank? If you are, great…but that does not mean you are obligated to stop shopping. Let me verify that there are not any better alternative products to explore.
6. Access Special Deals. Many financial organizations would love to have your business and often offer incentives to attract creditworthy customers. I do the math to make sure it’s viable.
7. Things Move Quickly. My job isn’t complete until receive the keys to your new home. I will make sure your mortgage transaction happens smoothly and to your satisfaction.
8. Get Expert Advice. When it comes to mortgages, rates and terms I will speak to you in plain English. I can explain the various terms and conditions so you can choose confidently.
9. No Cost to You. There is absolutely no charge for my services. Just like other broker services I am paid a finder’s fee when I introduce trustworthy qualified customers to one of my lenders. These fees are standard industry wide and it allows me to focus on the customer.
10. Ongoing Support and Consultation. Even once your mortgage is signed and the paperwork is complete I am here if you need any further advice closing details or even future referrals needs.
Michael Hallett, Mortgage Broker
Dominion Lending Centres
604 616 2266
mhallett@dominionlending.ca