Home Purchase Overview
The purchase of a home is the largest purchase most people make during their lifetime.
Dominion Lending Centres, we want to make each and every purchaser aware of the many mortgage options available to them prior to their purchase and closing date.
Whether you are first-time buyer or an experienced buyer with excellent credit, I have unrestricted access to the very best rates and products available across Canada for your home purchase mortgage. Don’t hesitate to give me a call… I think you’ll be pleasantly surprised!
Guide: How to buy a home
While this guide provides a brief summary of the process, my services include walking you through it in greater detail.
- Get pre-qualified by your bank and/or a mortgage broker to determine maximum affordability and address any potential issues. This step may also include a rate-hold to protect you in the event that mortgage rates rise during your home-search.
- View listings online(realtor.ca is my favourite resource for this lately), and those provided by your realtor to determine which ones you wish to go see. This process can take anywhere from a day or two, to up to many months. (Don’t hesitate to ask me who my favourite Ottawa realtors are, they are also my dear friends.)
- Once you find the perfect home, you can put in an offer. In most cases, your realtor will include a clause within the offer for: Financing, Inspection and anything else your realtor may recommend. This clause provides you with 5-10 days(you can choose the exact timeline) to make all necessary arrangements with regards to your mortgage, a home inspector, etc. It’s important to know that there is still no cost or obligation involved at this point, you can back out of the offer at anytime during this period and your deposit will be returned to you(important to note that it can take up to 4 weeks to get your deposit back).
- Once your offer is accepted, your realtor will forward me a copy so that I can obtain a full approval. A formal approval often has better rates and terms than a pre-approval.
- Once all arrangements have been made to your satisfaction, you may then “firm up” on your offer to Purchase. Once you “firm up” by waiving your conditions, you may no longer back out of the transaction and there is now a cost and obligation to proceed.
From here, while you await your scheduled closing date, your lawyer and myself will be doing all of the work behind the scenes so you can focus on the important things up until the completion of your home purchase.
Three main perks of being a First Time Home Buyer:
- Home Buyers RSP Plan – Here’s a really great video produced by RateHub that walks you through how it works. Buying your first home is the only opportunity that you will have to take advantage of this program. Take a peak and don’t hesitate to ask me any questions: https://www.youtube.com/watch?v=f5iz26AflGI
- Land Transfer Tax Refund – $4,000 off the Land Transfer Tax that would be payable on your closing date through your lawyer.(Up from $2000.00, as of January 1st 2017)
- First-time Home Buyers’ Tax Credit – Claim up to $5000 for a maximum refund of $750 while filing your income tax for the tax year of your home purchase.