Step One: The Mortgage Pre-Approval
A mortgage professional is the first step in the home buying process! Any experienced mortgage broker should be able to ask a few questions to determine your purchasing power (i.e your budget). They will qualify you based on income, bonus, credit history and outstanding debts. Following this call you can then submit all documentation required so that they can complete the formal pre-approval process. Once this step is complete, you can then get started with a realtor to find a property in your price range. If you skip this step, it will be difficult to target the right properties without knowing your budget. Having a pre-approval in place will also allow you to move quickly when placing an offer, and may even allow you to send an offer in without a financing condition, as long as you are aware and comfortable with the risks associated.
Step Two: Working with a Realtor
A realtor will be able to send you properties, facilitate showings, and help you secure a home at a competitive price point. A great realtor will also educate you along the way, answer any questions you have, and work with you as a team throughout the process! I love to prepare a buyer presentation for my clients, where we can discuss market trends specific to their search, closing costs based on their budget, the elements of an offer and strategy. This allows us to work more efficiently and with clarity throughout the process. If you're deciding which realtor to work with, you can check out my blog "How to Pick the Best Realtor".
Step Three: Using a Real Estate Lawyer
A real estate lawyer typically gets involved once an offer is being placed, or after an offer is accepted. They help with many things including reviewing status certificates (when purchasing a condo), arranging for title insurance, compiling mortgage documents, and more! You can read more about real estate lawyers here.
The fourth professional that you may need is a home inspector. If you're purchasing a freehold home, you will definitely want to get a home inspector to look at the property before going firm on a sale. They can identify potential issues with the home, allowing you to budget properly and make the most educated decision.
Over the years I have worked with many mortgage professionals and lawyers, and I am confident that I have found the best team of referral partners! If you need a mortgage broker or real estate lawyer, don't hesitate to get in touch!
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