When should I talk to someone about my mortgage options?

There is nothing more frustrating that falling in love with a home, only to find out you can’t afford it. What’s the best way to avoid disappointment? Figure out your finances before you start looking.

Pre-qualifying for a mortgage is the best way to find out how much you can afford. Your financial institution will look at your income, expenses and debt to determine how much they will lend you. Combine that amount with the money you have for a down payment, and that’s your budget.

Once you have pre-qualified, consider applying for a pre-approved loan. Then, when you find the home you want to buy, it will speed up the purchasing process.

Who should I talk to about my mortgage?

Your bank is only one option. Mortgages are available through a number of financial institutions; you should shop around for competitive rates and options.

Want more information about planning your mortgage? Visit Lynn & John's Circle of Service providers and speak to one of their recomended experts.

Price
The price you offer reflects your opinion of the value of the house and is determined by the condition of the property and local market factors.

You can make any offer you like. It does not have to be the same as the seller's asking price.

Deposit
The deposit shows your good faith and will be applied against the purchase of the home when the sale closes. Lynn & John can advise you on an appropriate amount.

Terms
Include the total price offered and the financing details. You may arrange your own financing or ask to assume the seller's mortgage, especially if it has an attractive interest rate.

Conditions
Conditions are items that must be completed or fulfilled prior to an offer being concluded. These can include subject to home inspection, subject to you obtaining financing, or subject to you selling your existing property.

Inclusions and exclusions
Your offer may be contingent on certain items being either included or excluded in the sale. These might include appliances, fixtures, and decorative items, such as window coverings or mirrors.

Closing or possession date
The closing date is generally the day the title of the property is legally transferred and the transaction of funds finalized, unless otherwise specified (except in Manitoba and Quebec). In British Columbia the possession date is legally one to three days after closing.

What happens on closing day?

Closing day is the day you become the official owner of your home.

Typically, you visit your lawyer's office to review and sign documents relating to the mortgage, the property you are buying, the ownership of the property, and the conditions of the purchase. Your lawyer will also ask you to bring a certified cheque to cover the closing costs and any other outstanding costs.

Once the mortgage and the deed for the property are officially recorded, you become the official owner of the property and your lawyer will call you to pick up the keys to your new home.

Congratulations! You've just bought a home!

What to expect on moving day?

Reduce costs, a moving checklist and calendar, make your move worry free by following these simple steps.

Saying good-bye to one neighbourhood and discovering a new one is an exciting adventure. But let's face it, at the end of your home-buying process you may find yourself exhausted. After all, the other obligations in your life have not paused.

What's more, now there's another cost -- moving. Whether you hire professionals or strong-arm friends into helping, be prepared for the cost of the move. Here are some suggestions on how to reduce the cost of your move, but let's first look at how to prepare for the big day.

You will have noticed that your possessions expand to fill the space allotted. Guess what, if you're moving into a larger home, you'll be gathering more stuff, so start out right.

• Don't take it all. Before you pack it all into boxes and cart it to a new location, take a good look at everything and find out what you can live without. This is a great time to have a garage sale and what doesn't sell, you can give away to charity.
• Have all of your change of address cards filled out months in advance. You'll want to notify friends, family, businesses, organizations you're a member of, etc. Have the cards ready to mail once the deal is closed. Redecorate before the move. Sometimes it isn't possible, but if you have the chance to work without the obstructions of furniture, you'll find that you can get twice the work done in half the time.
• Put the utilities in your name. Hydro, water, gas are the first companies to call. But don't forget to coordinate your telephone and cable service. Of course, you'll want to let the companies servicing your old home know when to disconnect service there.

Get Packing

You'll want to ensure that each item you own is well packed to minimize damage during travel. Whether you're moving around the corner, across town or across the country, the moving process is always the same.

To Hire Movers or Not to Hire Movers?

If you hire movers to pack for you, they'll descend on your home with a crew of experienced packers who will seal, pad and itemize everything you own in a day or two.

During the move, you'll want to make sure you're insured while your belongings are in transition. Many moving companies also offer additional insurance.

On moving day, go through the house with the crew supervisor and have him take note of any special instructions. If there are items you will need first in your new home (like a crib) make sure they put it in the moving van last. The movers will also make note of the condition of your goods on a master list. It is your responsibility to make sure it's accurate.

After the van is unloaded and your goods are unpacked, inspect everything and make note of any damage. While movers do unpack, they don't put dishes or linens away.

If you are undertaking the packing process by yourself, it will take time. Pack well in advance, and take note of what you can really live without. You'll have items that need special attention and other items that need to be disassembled. Label each box in detail and, if you know where it will go in your new home, put the destination on the box.

• Pack what you need most last!
• Label each box carefully!
• Designate a destination!

You'll also want to pack a box of essentials. These are items you're likely to use once you arrive in your new home. Include items like:

• toilet paper
• soap
• toothbrushes and toothpaste
• paper towels
• garbage bags (a lot of them!)
• paper plates, cups and plastic utensils
• can opener
• hammer, screwdrivers, pliers
• a flashlight
• some light bulbs
• snacks and drinks
• a radio

• Buying A Home
• Buyers Report
• Real Estate Glossary
• Mortgage
• Typical Expenses
• Why Royal LePage

You may also right click on the report links and " Save target as..." to download the files to your computer for your convenience.