Buying Process

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Looking to buy a home?

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the
Home Buying Process

Buying a home is a significant milestone, no matter if it's your first, your ultimate dream, or your tenth investment property. Your home is a substantial investment, and we understand its importance to you. With our team of dedicated experts, we're here to ensure we discover the ideal property that suits your specific needs and circumstances.

The first step is figuring out your wants vs. needs and determining your budget. We can help you get setup with a lender of your choice to get you pre-approved for a mortgage, and then you're ready to start house hunting. Search for your dream home from any device on our website.

Search for Your Dream Home

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VIP EXPERIENCE

When you save a search on our site, any new homes that line up with your wish list are sent right to your inbox the second they hit the market.

Click the ❤️ icon when you see something you love to save it in your favourites and let us know this is a property you're interested in. Click "See This Listing" or reach out to us directly to schedule an in-person tour. We'd love take you through the home and answer any questions you have about the property or the home buying process so that you can make an informed decision.

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Understanding Mortgages

Let’s dive into mortgages – your golden ticket to home ownership. It’s like a deal with the future where you snag your dream home now and pay it off bit by bit. The options can be extensive, varying from one lender to another and from one buyer to the next. To ensure your financial peace of mind, it's important to take the time to explore these options and engage with multiple lenders. Get your keys, live your story, and build that equity by finding a mortgage that works for you!

Types of Mortgages

There are two primary types of mortgages in Canada:

Conventional Mortgage

This is the classic, low-risk choice for home buyers. With a 20% down payment, you skip mortgage insurance, enjoy lower interest rates, and keep it cool with stable monthly payments.

High Ratio Mortgage

Elevate your home dreams with a smaller down payment! Get in the game with less than 20% down, and mortgage insurance has your back.


What Does your Payment Include?

Your mortgage payment has 3 key parts, collectively known as "PIT" :

  • Principal: This is the actual price of your house and the payment that chips away at the debt.
  • Interest: This is the fee you pay to the lender for borrowing money to buy your home. It's a significant part of your mortgage payment, covering the cost of the loan.
  • Taxes: Think of property taxes as your contribution to your community. It's the cash you kick in to fund schools, roads, etc. This amount isn't always added to your mortgage payment but is an option for your lender to collect from you monthly and pay it on your behalf annually.

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& LET'S BUY A HOME

When you fall in love with the "ONE", your Agent will assist you in writing an offer. At Seller Direct Northern Homes Realty, we excel in negotiations to make sure you receive the best price and most favourable terms & conditions. Once your offer is accepted, we'll guide you seamlessly through conditions, inspections, and closing, alleviating any stress along the way. We've got all your bases covered!

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Let's Get to Work

Choosing a Real Estate Agent

Your real estate Agent works as a trusted partner to guide you in this journey. Ensure you choose someone trustworthy, knowledgeable about the process, and someone you connect with - after all, you'll be spending a lot of time together

If you have questions about how to get started, reach out to the Real People in Real Estate today.

Contact Us
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The Search Begins

Shopping Homes

Welcome to the best part of this adventure—home shopping! Here, you define what "dream home" means to you, from the type of property to the neighbourhood, and all the amenities that make a house a home.

We keep meticulous records of each home visit, recording likes, dislikes, and considerations.

Start Your Search
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Once You Find Your Home

Making an Offer

You've found the perfect house, and now it's time to write your offer. Connect with your Agent to determine a price that aligns with your budget, is appealing to the seller and also in line with the market. Your offer should be competitive and reflect your seriousness.

Your REALTOR® will help you analyze comparable solds in the area to determine a fair market value for the property, which will inform the price.

Getting Started

What Will I Pay Upfront?

Earnest Money

This deposit signifies your commitment to the purchase and can be applied to your down payment or closing costs once your offer is accepted.

Closing Costs

Real estate closing costs are the various fees and expenses that buyers and sellers incur when a real estate transaction is completed.

Down Payment

This payment represents a percentage of the total purchase price and is paid using acceptable forms of payment.

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Before You Close

Requesting a Home Inspection

Prior to closing, a professional home inspection is crucial to identify hidden problems. Ensure the house is in top shape before you move in, and request repairs if needed.

If the inspection reveals issues with the property, you can use this information to negotiate with the seller. You can request repairs, ask for a price reduction, or even choose to walk away from the deal if the problems are significant.

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You're Almost Finished

Closing

If all is in order, it's time for the grand finale! Review your contract carefully with your Agent or lawyer to establish contingencies and protect your interests.

Collaborate with your chosen lender to complete your mortgage application, have your home appraised, and review your projected closing costs.

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Congratulations

Pay, Close, and Get Keys!

The moment you've been waiting for has arrived—closing day! Once we get the go ahead from the lawyer, it's time to receive the keys to your new home.

The closing process typically concludes with filing the transfer of land documents with the Land Titles Office that officially transfers ownership from the seller to you.

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WITH US

Buy Your Dream Home