The number of first-time home buyers has increased drastically in the past decade. This has been caused by the fact that more people have taken family responsibility seriously.
However, just like any other field, it is always important to have the right information when purchasing the perfect house. This read shed light on some of the steps that should be explored when buying the homes in Canada.
Before you begin the purchase process, it is essential to have a mortgage pre-approval. Most realtors in Canada will need to have a look at the mortgage pre-approval of the buyers before they show them some of the houses that they have.
The purpose of the mortgage pre-approval is to show the buyers the homes that are within their budgets. You might need to visit a mortgage professional who in turn will look at your finances and help you to select the mortgage that you can afford.
The house shopping and price discovery is the second step when you are looking for the ideal house in Canada. We have various ways in which you can go about with the house search. Luckily, thanks to technology, you can quickly browse the internet for some of the houses on sale in Canada.
In the past, home buyers would have to walk to their preferred destinations as they looked for houses that had the “house on sale” sign. We have various realtor’s websites that allow the potential house buyers to filter the house on sale based on price, location, and size.
Home Inspection, Purchase and Deposit
After you have selected the perfect home, you will need to go and inspect it before you can make any payment. The process is typically handled by a real estate agent who will take you to the physical location of the house and let you inspect the home to ensure that everything is okay.
Once satisfied with the help of your attorney you will fill out the relevant paperwork that will transfer the ownership from the seller to you. If you have all the cash, you can pay for the house and close its transaction. However, in most cases, people usually pay for the homes in bits. In such circumstances, the house buyer will be required to make a deposit and settle the balance within a given duration.
Approval of the Mortgage
If you had applied for a mortgage, then this will be the fifth step when it comes to buying a house in Canada. The mortgage approval process is identical to the pre-approval process. However, during this process, the applicant has the house that he wants to purchase.
The mortgage lender will have to go through the application and approve the property. Once the application is approved the buyer can go ahead buy the property that he selected.
Get the Keys
Once all the parties have agreed, and part or the entire amount of money has been paid, the buyer will be given the keys to the house.
It is on the closing day that the buyer will get legal possession of the house. The buyer is advised to get a property lawyer who will guide him through the entire process.