Tom Johnston's Tips on Buying
Financial Preparation
- Assess your financial situation, including your income, expenses, and credit score.
- Save for a down payment and consider additional costs like closing fees, property taxes, and home insurance.
- Get pre-approved for a mortgage to know your budget and increase your credibility with sellers.
House Hunting and Research
- Determine your priorities and preferences for a home, such as location, size, and amenities.
- Start your search online and attend open houses to get a feel for different properties.
- Work with a real estate agent to streamline the process and gain access to a broader range of listings.
Closing the Deal
- Once you find the right home, make an offer that considers the market conditions, comparable sales, and your budget.
- Negotiate with the seller, and once an agreement is reached, hire a professional inspector to assess the home's condition.
- Finalize the mortgage, review and sign the necessary paperwork, and close the deal.
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HOME BUYER'S GLOSSARY
AMORTIZATION SCHEDULE
The number of years it takes to repay the entire amount of the financing based on a set of fixed payments.
Equity
The process of determining the market value of a property.
Mortgage
A mortgage that can not be prepaid or negotiated for a set period of time without penalties.
Closing date
The date on which the new owner takes possession of the property and the sale becomes final.
Collateral
An asset, such as term deposit, Canada Savings Bond, or automobile, that you offer as security for a loan.
Deposit
A sum of money deposited in trust by the purchaser on making an offer to purchase. When the offer is accepted by the vendor (Seller), the deposit is held in trust by the listing real estate broker, lawyer, or notary, until the closing date of sale, at which point it is given to the vendor.
Equity
The difference between the market value of the property and any outstanding mortgages registered against the property. This difference belongs to the owner of that property.
Term
A mortgage is a loan that uses a piece of real estate as a security. Once the loan is paid-off, the lender provides a discharge for that mortgage.
Term
The period of time the financing agreement covers. The terms available are; 6 Month, 1,2,3,4,5,6,7,10 year terms, and the interest rate will be fixed for whatever term one chooses.
Take the next step in your journey
I look forward to working with you and helping you reach your home ownership goals. Reach out to get in touch and start the process today. I offer:
CENTURY 21 Heritage House Ltd. Brokerage
INFO & SERVICES
CENTURY 21 Heritage House Ltd. Brokerage
669 Talbot Street, St. Thomas, ON N5P1C9
(519) 633-5900
INFO & SERVICES
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