10 Ways To Get Ready For Spring Market
Review Your Credit Scores & Credit Report
If your scores need a boost, make all your payments on time every month, utilize no more than 30% of your available credit and don’t apply for new credit that you don’t need.
Choose A Mortgage Professional
A Mortgage Professional can help you with the following:
- Educate you on your loan application
- Explain the down payment requirements
- Help you figure out the best interest rate options
- Calculate your affordability
Review Your Debt & Income With Your Mortgage Professional
Starting a new job, receiving irregular paychecks or quitting your job to launch your own business can make it harder for lenders to qualify you.
Identify Funds For Your Downpayment
Whether it’s help from family members or RRSP contributions, it’s important to understand where and what the minimum downpayment requirement is (usually 5% – 20%).
Investment Property Or Primary Residence?
There are personal and strategic reasons you might want to consider this. Working with a realtor who understands both dynamics could be advantageous.
Get Prequalified For A Mortgage
After you’ve selected a mortgage professional and gone through the approval process, it’s important to have a pre-approval in writing. These are usually valid for a period of 90-120 days and is not substitute for a firm approval.
Choose A Real Estate Agent
A good real estate agent should be able to:
- Be informed about homes for sale in neighbourhoods of interest as well as market trends in that neighbourhood
- Understand what strategy will position you to win the home or bid for the home
- Be available to guide you during the closing process
Create Your Wish List
This is usually where Buyers prioritize their time. Yes, that double garage in a private cul de sac with double sinks in the primary bathroom in a family neighbourhood should be on your list. However, it’s important that Buyers stay flexible and be sure to note their non-negotiables.
Set Your Price Range
This includes a down payment, monthly carrying costs, and the amount you are preapproved for.
Budget For Closing, Moving Costs, Repairs And Furniture
Depending on your area and purchase price, the taxes and overall dollar amount required for closing could vary drastically – especially if buying new construction. In addition, furniture continues to sky rocket due to supply issues. Make sure not to forget all these items as you prepare to make your purchase.
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