Steps to Buying a Home
These four simple steps to buying a home will help you get you started on your home purchase:
1. Get pre-qualified for a mortgage: Make an appointment with the mortgage specialist at your bank or contact a mortgage broker. They will gather your personal information, including employment info, credit and debt history and any other financial information that they will need to calculate your Gross Debt Servicing Ratio (GDS) and your Total Debt Servicing Ratio (TDS). From these ratios, they will determine how much they are willing to lend you for your purchase.
2. Choose a REALTOR® to work with. Consider the following when interviewing a REALTOR®:
- How long have they been in the real estate business?
- Are they a member of the MLS® (Multiple Listing Service)?
- Do they seem easily accessible?
- Do they appear to have good negotiating skills?
- Will they be there to guide you through the entire process?
- Can they recommend other professionals to assist you in the purchase process?
- Do they seem knowledgeable about current market conditions?
- Can they supply the names and contact information of recent clients for reference purposes?
3. Meet with the REALTOR® you have chosen. Discuss your individual needs and wants based on what you can afford. Talk about your preferred location, amenities, style of home… anything you think is important. Talk about what times are best for you to look at homes and how your REALTOR® will notify you of new listings that meet your criteria. Decide how you will be represented as a Buyer.
Finding the right REALTOR® and trusting them to guide you through these steps can minimize your stress and make finding your new home an exciting and enjoyable experience! To get started on your search today, email firstname.lastname@example.org or text/call Liz Toles at (587)220-1233 or Kristie Kruger at (403)308-7262
For more information, please view the CMHC’s Step by Step Home Buying Guides