Maybe you are a first-time home buyer, someone else has always helped you through the process, or it has been many years since you last purchased a home. Here is a checklist to help walk you through buying a house; 

Step 1: Down Payment – the most challenging part to buying a home is saving the down payment (a gift from mom and dad also works). 

Step 2: Figure out your budget, get Pre-Qualified – if you cannot afford to pay cash for a home, you are going to require a mortgage. You will need to get pre-qualified. Do NOT confuse being pre-qualified with the term pre-approved. No lender will approve you for a mortgage until they will have a chance to examine the property you want to purchase. Being pre-qualified will focus on gathering information to prove the information on your mortgage application. Visit a mortgage specialist to assist you with this process ( 

Step 3: Set your budget – Being pre-qualified for a certain mortgage amount does not mean you can afford that amount. You should prepare your own monthly budget to be sure you can afford the payments with your other expenses. It is recommended that your total home payments do not exceed 32-39% of your gross income. 

Step 4: Find the right property, time to engage a Realtor – Now that you have been pre-qualified and figured out your budget, you need to find a realtor. Selecting the right real estate agent is an important step in the home buying process. Real estate agents will help you with many things; 

  • Finding a home 
  • Making and negotiating your offer to purchase, along with counter-offers 
  • Provide expert advice on home buying, protecting your interests 
  • Handling the offer, gathering documentation and closing paperwork 

You should interview at least three realtors and you will quickly decide who has your best interests in mind. Do you want to work directly with a realtor who will accompany you when you go home hunting, or do you want to choose a BIG name realtor, who has buying and selling realtors working under them? There are advantages to both, but it is up to you to decide what suits you best. 

Step 5: Mortgage Approval – Once you have found the property you wish to call home, your mortgage specialist will sender your mortgage application and the property information to the lender who is the best fit for your situation. If the lender likes the property and your financial situation, they will issue a “approval” letter outlining the terms of your mortgage.  

Step 6: Choose a solicitor (lawyer or notary) – Now that the lender has approved your mortgage documentation your file will be sent to the solicitor you selected. The solicitor will process all title changes and arrange a time to meet with you to review the mortgage documentation and sign. 

Step 7: Get the keys – On the closing day your solicitor will file all the documentation with the land titles office. The possession date is usually 1 to 2 days later to allow transfer of money to get to the seller. On possession day you will meet with your solicitor to pick up the keys.  

Congratulations you are done…. Enjoy your new home!!!!