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How to Buy: The Ultimate Guide
GUIDE | INCENTIVES | CHECKLIST
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BIG STEPS
Its best to work with a Mortgage + Realtor + Lawyer team from Day 1
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Your lender will need a few things from you to pre-approve you for a mortgage:
- Your credit check (the lender will run this report for you)
- An employment letter (stating your status, start date, position and salary)
- Last year’s T-4 (verifying your income)
- The previous year’s Notice of Assessment (NOI), confirming that your income taxes were paid. If you didn’t file your taxes last year, you won’t be able to get a mortgage.
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You’ll need at least 5% of the purchase price as a downpayment. Ideally you want to have 20% downpayment.
Use our closing calculator to know the costs involved
[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ background_color_gradient_direction=”243deg” custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb title=”Money is Accessible” use_icon=”on” font_icon=”%%158%%” icon_color=”#535B7C” use_icon_font_size=”on” icon_font_size=”32px” _builder_version=”4.7.4″ header_font=”Nunito Sans|600|||||||” header_text_color=”#535b7c” header_line_height=”1.4em” body_font=”Nunito Sans||||||||” body_text_color=”#959baf” body_font_size=”16px” text_orientation=”center” custom_margin=”|||” custom_padding=”60px||60px|” hover_enabled=”0″ sticky_enabled=”0″]You’ll need to provide a deposit (usually 5% of the purchase price in Toronto) within 24 hours of your offer being accepted (and possibly earlier if you’re in a bidding war). The deposit forms part of your downpayment come closing time. If your deposit is in an RRSP or an online bank, it can take a few days to get the $$, so make a plan for it now.[/et_pb_blurb][/et_pb_column][et_pb_column type=”1_4″ _builder_version=”3.25″ background_color_gradient_direction=”243deg” custom_padding=”|||” custom_padding__hover=”|||”][et_pb_blurb title=”Realtor” use_icon=”on” font_icon=”%%158%%” icon_color=”#535B7C” use_icon_font_size=”on” icon_font_size=”32px” _builder_version=”4.7.4″ header_font=”Nunito Sans|600|||||||” header_text_color=”#535b7c” header_line_height=”1.4em” body_font=”Nunito Sans||||||||” body_text_color=”#959baf” body_font_size=”16px” text_orientation=”center” custom_margin=”|||” custom_padding=”60px||60px|” hover_enabled=”0″ sticky_enabled=”0″]
Your REALTOR plays a critical role in making sure you buy the right home, in the right neighbourhood – and of course, negotiating the price and terms of the agreement. Discuss with you realtor:
- Neighbourhood Awareness
- Negotiatation and Limits
- Pricing Strategies
- Market Trends
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Ready To Get Started?
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