Home Buyer Check List
1. Get Mortgage Pre-approval.
- Call and make an appointment to meet a mortgage advisor with your bank branch.
- They will need your tax forms, letter of employment & pay stubs, & credit report.
- You need a minimum 5% down payment.
- Once approved you will have the current best interest rate locked in for 90 to 120 days.
2. Have access to funds for an offer deposit.
- When your offer is accepted, you need to provide a deposit of ideally 5% of the purchase price within 24 hours.
- You need those funds accessible.
3. Knowing your budget
- you can now see what type of home it affords in different areas of the city.
4. Understand the additional costs
- Land Transfer Taxes – Toronto and Ontario
- CMHC mortgage insurance if you have less than a 20% down payment.
- Lawyer fee
- Moving costs.
- Renovation costs, from paint to appliances (if needed).
- Costs to furnish your new home.
- New equipment needs from a BBQ to a lawn mower.
5. Understand the additional costs of maintaining a home and how it affects your budget
- Property Tax
- Utilities: gas, hydro, water, sewage & garbage removal
- Home insurance
- Cable TV
For additional information or to set up an interview with us please call us at 416-451-5758