Choosing the Right Realtor

Choosing the right realtor is a crucial first step in the home selling process. With over 20 years of real estate experience Nat Stark is committed to answering all of your real estate questions, and will provide the highest quality service and advice available.

How Much Can You Afford?
Purchasing a new home is one of life's most exciting but challenging experiences. The more prepared and organized you are, the less overwhelming this process will be. Knowing what you can afford at the onset of the home buying process can save you time by keeping your search in a realistic price range.

Give yourself the edge that you need with a pre-approved mortgage. Already having your financing options in place, knowing your monthly payment and holding your interest rate can take much of the anxiety out of the home buying process so that you may concentrate on finding the perfect home.

What Type of Down Payment Will You Need?
Although buyers can now purchase a home with as little as 5% down, any mortgage with a loan-to-value of more than 75% will need to have Mortgage Default Insurance in place.

Mortgage Default Insurance
Mortgage Default Insurance was originally introduced under the National Housing Act (NHA) of 1954. It was developed to protect NHA approved lenders from losses resulting from borrower default. This type of insurance is available through both CMHC and GE Capital and is mandatory for all borrowers with a down payment of less than 20%. The premium that is charged is based on the loan-to-value ratio.

Arrange for a Home Inspection
Purchasing a home will be one of the most significant financial commitments that you will make. Along with the consideration of price, size, location and floor plan of the home, you must also consider the soundness of the home.

Arranging for a home inspection will help you to determine the mechanical and structural stability of your home. The home inspector will be able to outline any repairs that may be needed and what you can reasonably anticipate in the way of costs.

Closing Costs
Besides the basic down payment of your new home, as a buyer you will be faced with legal fees and disbursements classified as out of pocket expenses. These fees may include legal advice, land transfer taxes, tax adjustments, registration of mortgage documents, appraisal fees, mortgage application fees, and other miscellaneous charges including courier and photocopying fees. Although the general rule of thumb for determining what these expenses might amount to is 1 ½% to 2% of the base mortgage amount, it is strongly recommended that you consult your legal professional ahead of time to avoid any unpleasant surprises.