There are many decisions when buying your first home and this process can be overwhelming. Our experienced real estate agents are here to help you make your house hunting fun and stress-free. Finding the perfect home takes time, patience and knowledge. Once you have decided you are ready to invest in your real estate future and start building equity, there are a few steps you need to complete prior to your house shopping.
Your First Step: Loan Pre-Qualification
Once you have decided to purchase a home, your next step is to get pre-qualified for a mortgage company with a financial institution. There are many smart buyers who will do "Interest Rate Shopping", but keep in mind while doing this, not all mortgage agreements are the same. Your Edmonton Real Estate Agent should have several mortgage brokers they work with on a regular basis and may recommend a few for you.
Getting your pre-approval is a simple process and consist of a decent credit rating and some paperwork. *Note- as of January 2018, mortgage rules changed and you must qualify at two percent higher than you did prior to 2018. This mostly affects people who have higher debt ratios.
Your Next Step
Your next step is to choose your reason for buying a home. Is it to create wealth? Will you be needing a property with a basement suite, something you can "flip" and make a profit or is your reason for buying a property, to have a "real" home for you and your family and to entertain your friends.
Once you know your reason, contact a great Edmonton Real Estate Agent and set up an interview. Feel free to interview a few agents and choose the one, you are most comfortable with.
Next Step: Deciding what you want within reason
Once you've been pre-qualified and know what price range you want to stay in. Talk with your REALTOR®, let them know your expectations. Your real estate agent, when working under a buyers brokerage agreement is there to work in your best interest.
Once you have decided on what type of home you want to purchase, it's time to go house shopping!
Writing the offer! Once you have found your dream home, it is time to write an offer. If you have chosen a knowledgable experienced real estate agent, this part of buying a home will be fun and easy. Don't forget to complete a Buyers CMA.