Are you a 1st time Home Buyer?

I will help you through every step of the way, from looking at properties until the right one come along, protecting your interests when preparing the Offer of Purchase and Sale right through until closing day.  I will available to you through email, phone or texting and I pride my self on giving same day service, answering your questions and if I am not sure finding out the answer to your question(s).  I have a history of working with the public, from owning my own business, to working in the Insurance Industry, now doing the Job I Love.

Your Steps to Purchasing your New Home:

First - Visit or call your Financial institution, they will help you determine how much you can afford and will pre-qualify you.  By doing this we know what price range we should be looking at and maybe you will want to look for something less than you have pre-qualified for, especially if it needs work.  If you do find a fixer upper, talk to your financial institution about "Improvement Plus", they will give you the details about this type of loan and how it works.

Keep in mind, your financial institution has only pre-qualified you based on information you have given to them.  to get the Letter of Commitment from your financial institution you will have to provide with the following:

• T-4's from the last 2 to 3 years
• Notice of Assessment (NOA)
• Photo copies of your recent Pay Stubs
• A letter from your Human Resources stating you are a full-time employee, the length of your employment and your annual salary.

There could be Other Documents your financial institution will require but having these ready will help to speed up the process.

Second - Contact an agent and interview a few of them first.  This can be done over the phone, in person or over the internet.  Make sure you are comfortable with them, you both have the same goals and they will be there throughout and after the purchase.

Third - Make a list of your wants and do not want in a home, the area you are interested in living, what the area has to offer such as schools, commute time to your work, distance from family and friends, how far to the amenities and of course re-sale of your home.   Always be thinking ahead...

Fourth - Once you find the house that ticks a lot or all of your wants, it is time for us to start preparing the Offer process.  You will have decide:

• what purchase price you want to offer
• the amount of deposit you will need to pay once the offer has been accepted.  This amount can be from $1,000 to $5,000 depending on you and has to be to the listing brokerage within 24 hours after the offer has been accepted.  E-Transfer has become the most popular form but certified cheque is still accepted.
• Your move in date, if you rent you  may want to find out what is required from the landlord, if it is a written lease what are the rules to breaking your lease,  usually it is 60 day notice, you can still take over your new home 2 to 3 weeks prior to moving out of your rental.  This gives you time to clean and paint before your start moving your possessions.  Picking a date from Tuesday to Thursday for a closing is best, just in case there is a delay it will not cause you problems.  If you pick a Friday closing and for whatever reason the bank is delayed in getting the funds to the Seller's lawyer, you might not get the keys till Monday, you will lose those 3 days of moving, plus interest is charged until the funds get to the Seller's lawyer.
• Inclusions when purchasing the home could be the Fridge, Stove, Washer, Dry and the exclusions like personal items or rental items etc.
• Now you have to pick a lawyer to complete the transaction.  There will be closing costs associated with buying your home, it is usually 15% of the purchase price.  A home purchased for $350,000 you would need at least a minimum of $5,250 for closing costs.

Fifth - You are on your way to owning a home, your offer has been accepted, timing is crucial for You and the Seller.  You need to arrange the following things that have been placed in your offer, these are called "Conditions".  Conditions are there should you not get the financing, the home inspection causes you concerns, you can walk away from the deal and get your deposit back.  Below are conditions for most houses and they have to be fulfilled within Seven and 10 days of Acceptance of the Offer:

• Financing - now is the time to get all the paperwork to your financial institution to back up what you have been pre-qualified for.  They will need all your paperwork, the Agreement of Purchase and Sale, MLS listing ( will provide that for you).
• House inspection - decide who you will use to do the inspection.  I know some people would rather not pay the $400 - $500 fee for this service, but being a first time home buyer, it is important to have someone who know what they are looking for and helping you not to get over your head in case something does show up of a major concern.  Other things that could show up in the inspection can be rectified between the Buyer and Seller. Book the inspection closer to closing, 2 to 3 days prior, by doing this, if for some reason your financial institution will not give you financing, I do not want you to pay the $400 - $500 fee for something that is of no value to you at this point.  Being proactive with the paperwork to your financial institution will get you your commitment letter from them faster.
• House insurance - the Insurance company will want to know all about the property, age, heating/electrical age, address, type of property - detached, rowhouse, etc.  They want to make sure it is insurable, if it is not the bank will not give you the funds to purchase the property.
• Water and septic - rural properties are not on municipal water and sewer.  Having the water tested to make sure it is drinkable for obvious health reasons and the age and working condition of the septic is important as replacing a septic system is very costly, not a good thing for a first time home buyer.
• Final Walk Through - this is done in the week before closing and this is to ensure the house is in the same condition as when you first looked at it and to make sure the items included in the purchase are there.  If there are any problems, this can be dealt with prior to closing.

Sixth -  We are getting close the End.  You have received your Financing Commitment from your financial institution, Home inspection is done and you are happy with the results, you have your insurance, our next step is to sign the Notice of Fulfillment and the SOLD sign is place the house.

Seventh - This is the hard part waiting to move into your new home.  If you are renting, don't forget to give your 60 day notice, in writing, to your landlord.  Get rid of anything that is garbage, through it out now, if you have not touched/wore/used it in the last 6 months, changes are you won't miss them, you will be happy you did this now!  Start packing, make sure to name the boxes, so on moving day you what room they belong in, this will make things easier for you and your friend when moving day come.

Eight -  Your financial institution and your lawyer will be calling you to set up a time to sign the paperwork.

Ninth - Your lawyer will give you the keys to your new home.

Tenth - Time to move in.  BE sure you have arranged to have all utilities, such as hydro, propane/gas/oil supplier etc  changed to you.  Be careful for long weekends, as they usually charge you more.

CONGRATULATIONS - YOU ARE A HOMEOWNER

I have had the Pleasure working with you and helping you Start a New Chapter in Your Life.

When the time comes to Sell, I would be more than happy to help you get to your next Home. Please do not forget to recommend me to family and friends.

Thank you, enjoy your new home.

Loralee

PURCHASE PLUS IMPROVEMENTS
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Found a Property you really want to have, its almost perfect, but is needs a few changes, such as updating the kitchen, bathroom, flooring, remove a wall to name a few. These changes will be what you would like to do to make this House a Home. With Purchase Plus Improvement, customizing your home is simpler and more affordable. You can purchase this home and make improvements with one mortgage and as little as 5% down. But there are conditions.

CONDITIONS:
- Purchase transactions up to 95% or refinances up to 80% LTV. (Loan to Value)
- Extended amortizations up to 30 years.
- Maximum four units with at least one unit occupied as principal residence.
- Available for new construction or existing properties.

Purchase Plus Improvements is for home buyers looking to purchase refinance a home that could benefit from a few renovations. This program allows you to purchase a home and combine the costs of renovations into the purchase price. You can take advantage of a low mortgage interest rate and have one single monthly payment. Your be able to start the renovations as soon as you take possession of the home.

HOW DOES IT WORK?
- First assess what renovations need to be done to the home and get a rough estimate of what it will cost. Try to get 2 or 3 estimates.
- Get mortgage approval based on the house's current condition.
- Get a frim price quote from the contractor of your choice, make sure the quote outlines what exactly you want done. This way there will be no surprises when the job is done.
- Once you take possession of your home you can start the renovations. You can pay for the renovations using whichever financial method is best for you. Maybe you want to use an existing credit card or line of credit. The renovations funds will be released from the lender after the renovations are completed.
- A bank representative will stop by to verify the renovations have been completed as required.
- Your lawyer will be instructed by the lender to release the funds for the renovations. You can use these funds to pay back your initial high interest loans, thus shifting the renovations costs into your low interest mortgage.

Buying a Home is a Big First Step. I am here to help you every step of the WAY!

Loralee