1. Decide to Buy - This is the most important decision in buying your property.
2. Check Your Credit Report and Score - Visit Equifax.ca and check your credit. If you have a higher score and a good report, you will have a good chance to qualify for a better loan.
3. Get the pre-approval for financing from the lender.
4. Figure out How Much You can Afford - Make an overall calculation of the total cost of purchasing a property. Calculate your affordability of monthly mortgage payment through online mortgage calculators. Include other costs needed for a down payment, home inspection, lawyer fee, closing costs, renovation costs, moving costs etc.
5. Hire Your Agent - Make contact with several agents, speak to them and choose the one whom, you think, can meet your demands.
6. Find the Right Mortgage for Your Conditions - You can choose a fixed rate mortgage or flexible rate mortgage. Both have pros and cons. A fixed rate can guarantee you to continue the same rate over the years whereas the flexible rate fluctuates. So, if the flexible rate goes high, you might feel disappointed.
7. Find Your Home/Property - Your agent will help you to find a property. Look for the equipment and utilities you want at the property. Choose the property which meets your need most.
8. Perform Due Diligence (home inspection and find other challenges of the home/property) - Always do the home inspection before you buy. It will unfold many loopholes hidden in the property. Find other challenges (such as which areas of the property need renovation). Make the right decision after looking at the challenges of the home.
9. Make an Offer - The listing price is not the final price of the property. Your agent can help you to regard analyze what the current market conditions and what should be the actual market price for that particular property. Based on the market situation, you can make a decision on how much you will offer.
10. Closing - Make sure that you have a good control over your finance and you completed all the paper works properly. Your agent will advise you in this regard. Please, make a good communication with the agent and receive all phone calls from the agent and lawyer on the closing time. And, at last, get the KEY!
Move In!- Congratulations! Move in your own house with a happy smile.