Buying a home in Toronto can and should be a fun experience. The secret in helping make the home buying process fun is basically being organized from the get go. Understanding the process will make you feel not only more comfortable but also more confident when you begin to understand the people and the roles that they will play in the whole process. This 10 step guide will help you through the process.
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Finding the right mortgage product and lender is crucial to your home buying success. It's up to the buyer to determine which lender is best for their needs, and it's always a good idea to have at least a bit of background about the loan process before you speak with a lender.
How much can you afford?
Down payment amounts will better determine the answer as the amount of down will depend on several factors. First off the buyer must feel comfortable with the amount that is being put down, and I suggest to all types of buyers regardless if they are first time or seasoned that a little reserve fund is always better as opposed to allocating all your money towards the down payment. Sometimes it makes more sense as a buyer to work backwards in order to figure out how much you can afford, feeling comfortable with your monthly payment and setting a budget from that perspective will tell you how much home you can buy. A great first step before you actually go shopping for a home is to have yourself pre-approved by a lender, and I recommend that you speak to at least 2 different lenders and negotiate the best rate and product that best serves your needs.
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Vincent La Fiura
Toronto Real Estate, Condos, Lofts, Townhouses, MLS Broker
RE/MAX West Realty Inc.
Brokerage, Independently Owned and Operated
1678 Bloor Street West, 4th Floor
Toronto, Ontario. M6P 1A9.