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| Determine type of Home You can afford.
Before buying a home, it’s essential to figure out what type of home you need, what location and the amenities requirement are important to you. It is better to obtain a mortgage pre-approval before start looking for your new home so you know what is the price range of home that you can not afford.
This maximum mortgage calculator can help you to find out how much mortgage you may qualify. Choose Your Agent Representative.- You need an experiences real estate agent to discuss your specific needs;
- Evaluate the best type of properties that may suit you budget;
- Explain the real estate trend so you know the market;
- Determine the neighborhood or type of housing that suit your living needs;
- Search the properties your are interested and guide you through the whole process.
Therefore, the first thing to do when you are planning to buy is to select a Realtor who have the expertise and able to commit the time to work for your purchase.
Our Realtor are knowledgeable and experiences. Give us a call now to discuss any questions about your purchase or concerns that you may have. Search the ideal properties.We have the exclusive use software and the tools to access the database to the Multiple Listings Service and all the sources of listed properties, get the properties in the market to match your search criteria, make appointment to view the properties that you are interesting, inform you the statistics about the listing activities in the market, explain about the market trend, zoning and future development that might influence the subject property. Offering a Contract to Purchase.We have all the expertise to help you making decisions and to write offers for your best benefit, when you found an ideal property, we will help you to write and present an offer to the seller with subject conditions to protect your interest, it often including mortgage financing approval; closing date, property disclosure statement; chattel or items inclusive; inspection reports on the premises and environmental issues. If this is a condominium or strata, it include conditions to satisfy all the documents, such as minutes of meeting, bylaw, regulation, strata plan, financial statement, engineer report and insurance information, etc. Negotiate for Your Advantages.During the negotiation on the prices, terms and conditions, there will be counter offer or reject, We are thoroughly familiar with the representation and understand the pitfalls of the transaction. We are experiencing to deal with the strategy and the intermediary process, harmonizing between parties and help to negotiate the best possible deal. Find out before making a Deal.Once the offer is accepted by both parties, there is a period of time to complete the due diligence according to the offer, you may sent copies of the purchase contract to the lender for the final mortgage approval, hire a home inspector to get a better understanding to the conditions contingencies to the property, ensure all the other issues to the conditions related to the offer is meet. If there is a serious issued and the conditions is not satisfied, this offer will be withdraw. If all the conditions are satisfied and the subject is removed, the contract will become legal and become a binding contract. The deposit need to increase approximate 5% of the sale price. To complete the transaction.You need a lawyer or notary to prepare all the legal documentation for the conveyance , they will check the title to see if any charge need to be clear or any unpaid utilities or property tax outstanding; review the payment which should be paid by the seller or the payment which the seller already prepaid for the property. Such as property tax, utilities or strata fee. If this is not a condominium, the buyer need to purchase the fire and liabilities insurance and copies of insurance have to deliver to the lawyer require by the mortgage lender.
Your notary or lawyer will prepare a statement of adjustment which including transaction tax and legal fee for the purchase. You need to provide a certify check for the specific amount and have all the documents signed. During the transaction, your lawyer or notary will exchanged relevant documents, transfer the purchase amount and transfer the title to your name. No transaction is exactly the same and the process is complicated, it may be some differences in every transaction. To understanding more about buying a home; You may check out the info. links on the left column or just contact us.
如想了解要完成购房流程的所需信息,请查阅纲页左边的链接.
What is an Agency Relationship?The real estate act required the Realtor who is working for the buyer or seller have to disclose the agency relationship and explain their duties of the representation in order to protect their interest.
What is a credit report?When Lender or credit supplier makes an inquiry. This data is records into the credit Bureau's file and presented in report format for inquires. Creditor or Lender sends updates credit information to each of the credit reporting agencies, the record is updated frequently and a credit rating and information of the consumer. What is a Commitment Letter?An Approval is issued from the Mortgage Lender to the borrower what is the term and conditions that the borrower require to commit before the advancement of the fund. What is mortgage insurance?High Ratio Insurance - Insurance protecting the Lender again the borrower's default on-high ratio, (mortgage with down payment less than 20%; 35% for self employment individual). To be insured by CMHC or a private insurer.
The Mortgage Life Insurance - The Insurance company will paid off the mortgage loan should the insured borrower die.
What is a property appraisal?An appraisal is an expert opinion to verify the market value of the property is sufficient to warrant the loan requirement by the mortgage lender What is the subject conditions on a contract?Subject condition is applied to an offer of purchase, an offer addendum with conditional clauses applied to the purchase. The offer will become a binding contract when these conditions is fulfilled and the subject is removed on or before a specific date. If these conditions is not satisfied, the offer will be void. What is the qualification of No money down mortgage?To be qualified for the mortgage, applicants need to proof length of employment, strong income and good credit to qualify the loan with 5% cash back for the down payment and a 95% mortgage. It may be vary difficult to qualified. What is debt service ratio and the individuals who cannot proof income?The percentage of a borrower's gross income to the mortgage loan, the other debt and costs including mortgage payment and property taxes or condo fees, if applicable.
For the business for self homebuyers who cannot verify their income, there are some mortgage programs offer stated income program or equity mortgages to the borrower who can not proof their income.
What is an engineering report of a Building?A report inform the building identify any major problems that require attention, any repair or preventive maintenance should be make, physical condition of roofs, floor, foundation, exterior wall and envelope or verify the condition of systems such as plumbing, electrical, etc. What is a Property Disclosure Statement?This statement is often form part of the contact to the of the standard of the purchase and sale. It disclose the condition of the building structure, pumbling, electrical or assessments that may affecting the value of the property. This important issued may affect the buyer decision to remove the subject conditions of an offer. What is a Title Search and Land Survey?Title Search - A legal documents with the title and detailed of the ownership, including mortgage or financial charge, liens, easement or any other encumbrances on the property.
Land Survey - The legal description of the property, the location and its dimensions. The lender usually requires an up to date survey as an condition. This can be replace by a Title insurance. What is a Conditional Offer ?An Offer to Purchase is written by the buyer's Agent with specific conditions to protect the buyers interest. Usually there is a time limited specific the conditions need to be met. What is an adjustment date?The calculation of the utilities and the property tax bill at closing, either the payment is pre-paid or outstanding, adjustment will be made to the buyer or Seller. What is Financial Institution?Organizations such as commercial banks, credit union, and insurance company that pools money from its depositors and invest funds in various ways, including mortgage. What is prepayment Penalty?If you would like to pay out the mortgage before the end of the closed mortgage term, a prepayment penalty for an early discharge will apply. The statement in the mortgage documents, the prepayment penalty for an early discharge is the greater of 3 months interest or the Interest Rate Differential (IRD).
For Variable rate mortgages the 3 months interest will only apply. The 3 month penalty is calculated by taking the balance of your mortgage, multiplied by the interest rate and dividing it by 4.
IRD is a calculates the difference between the interest rate, the outstanding term and the current rate for the length of time remaining on the mortgage.
Example:
Balance on mortgage: $200,000
Interest rate: 5%
Remaining term: 4 years and 2 months (4.16 years)
Three month interest penalty
$200,000.00 (balance) X 5% (interest rate) / 4 = $2500.00
IRD penalty formula is : Balance x (interest rate – current rate) x time remaining in years
If Current rate 4 yrs term is 3.95% Interest rate difference: 5% (interest rate) – 3.95% (current rate) = 1.05%
Current rate is the rate of the remaining term. The remaining term in this example is 4yrs and 2 months. The current rate would be the 4yr rate.(Remaining terms are Round down)
$200,000.00 (balance) x 1.05% (interest rate difference) = $2100 x 4.16 (term remaining in years) = $8736 What is a Power of Attorney?A legal agreement permitting one party to act on behalf of another in a specific matter such as for sale of a property. What is Title Insurance?The insurance protect the title of the owners and title defects that might affects the value of the property, the requirement of some lenders as a condition for making the loan or the replacement of a land survey. What is Condominium or Strata?A property with 2 or more units, each unit is owned by individual owners registered as a strata lot, all the public facilities are common area shared by all the owners with undivided interest and maintenance responsibilities will be shared by unit entitlement. The property is registered as a Strata corporation on land title with their own bylaw and regulation to govern the use of the owners. First time home buyers have many questions about buying home. We have the answers, information and tool needed for the purchase.
Can't find answers on your questions? Just give us a call or email info@vanhome.ca
如果您没有找到所需要的信息或有未能解答的问题或购房服务请致电: 林輝 Ben Lam 604.726.7123
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