Why use a Real Estate Brokers?

Buying a home is a very complex process. In addition to considering financial and legal aspects, it also requires solid negotiation skills. Why not hand this task over to a Real Estate professional? A Real Estate broker who is a member of the Real Estate board (GMREB) can successfully navigate you through the entire process.

Recognized Expertise

Real Estate brokers have followed extensive training and hold a certificate from the Organisme d’autoréglementation du courtage immobilier du Québec (OACIQ). Skilled negotiators, Real Estate representatives have access to many tools and expert references: from building inspectors and notaries, to financial institutions and mortgage brokers, Real Estate brokers serve as a one-stop resource! Their presence also provides you with legal protection, as stated in the Real Estate Brokerage Act.Real Estate Brokers with Solid Team EffortWhen looking to buy a home, a Real Estate broker can target those properties that best suit your needs and budget thanks to privileged access to the Centris / Realtor systems. They can accompany you during visits in order to objectively analyze the different characteristics of each property. They are also there to represent you when it comes time to negotiate, a phase during which the help of an accomplished professional is very much appreciated. In short, a Real Estate broker will guide you through all of the steps involved in purchasing your home, right up to your visit with the notary!

Tenant

We all dream about owing our own house and stop paying a rent. If you are like most of tenants, you feel trapped in the walls of an apartment that you do not own. You feel helpless and you can’t see the day when you will buy your own house.

Regardless how long you have been a tenant or how difficult your financial situation seems, the truth is some little known information might help you make the move to change your status from a tenant to a house owner. Thanks to the information, you will learn to:

  • Save money for your down payment to purchase a house
  • Stop giving money to your landlord
  • Stop wasting thousands of dollars in rent

Six little known facts that can help you buy your first house.

The problem most tenants face is certainly not their incapacity to meet their monthly payment. Everybody knows that this obligation has to be met the first day of the month. The problem is rather to accumulate enough capital to make the first deposit on a house.

Saving this amount of money is not as difficult as you might think if you know the six following facts.

  1. You can buy a house with much less cash than you think.

Local or national programs (such as the First Time Home Buyer’s Program) exist to help access the real estate market. You can also qualify as a first time home buyer even if your spouse owned a house before, as long as your name was not registered as co-owner. Make sure your agent is well-informed and knowledgeable about the home buyer’s programs in order to offer you all the possibilities.

  1. You could get some help from your financial institution for your initial deposit and acquisition costs.

Even if you don’t have the initial deposit available, if you don’t have debts and some net worth (like a fully paid car), your financial institution might lend you the funds for your initial deposit which would be secured by that asset.

  1. You might find a seller who can help you

Some sellers might grant a second legal hypothec lien. In this case, the seller becomes more or less the lending institution. Instead of paying him?her the cash for the house, you pay monthly payments.

  1. You can create a cash deposit without incurring debts

By borrowing money to invest in an RRSP until the required amount is achieved, you can benefit from a tax credit that you will use as cash. It is true that the money borrowed can be technically considered as a personal loan, but the monthly payment might be lower. Then, the money invested in the house and in the RRSP is yours.

  1. You can buy a house even if you have some credit issues

If you can’t get the minimum amount in cash or provide security for a loan because your net worth is too low, lending institutions will still accept your mortgage request.

  1. You can, and you should, be pre-qualified for a mortgage loan before starting your research for a house

This is easy to do and will provide you with peace of mind when the time comes to buy a house. Mortgage brokers can help you obtain an approval in writing at no cost and with no obligation. This can even be done over the phone. Better than a verbal approval, written pre-qualification is like having cash in the bank account. You will receive a certificate that guarantees the amount of your mortgage loan; very useful when you finally find the house you were looking for. Consider asking a professional specialized in mortgage loans. Using his or her services can make the difference between obtaining a mortgage and remaining a tenant forever. Usually, there are no fees to obtain the information. Then why on earth would you continue to waste thousands of dollars in rent when you could take a few minutes with your agent to talk about your specific needs in order to stop renting an own a house. This conversation will not cost you anything. And of course, you should not feel obliged to buy a house at the moment you read these lines, but take the time to explore various opportunities, discover ways to own a house, imagine how informed and relaxed you will feel when the time comes to make this important decision.

First Time Home Buyer

Are you a first time home buyer? You should know that in addition to providing numerous financial benefits, buying a home will help improve your quality, stability and security of life. Not only do homeowners enjoy more freedom, they also have a strong feeling of pride, as well as peace of mind. It’s definitely a worthwhile investment!

A Home Well-Adapted to you

First and foremost, to buy a property means living in a home that suits your taste and fits your lifestyle. Is your family growing? Do you want a backyard, basement, playroom, dedicated for your children? The purchase of a home can help you benefit from these extra spaces and is also a good long-term investment. Also revenue properties such as duplex and triplexes offer additional income.

Building Capital in your Home

To buy a home is a bit like making long-term savings. Instead of paying rent to a landlord, your monthly mortgage payments are used to finance your assets and build capital that you will recover once you have finished paying.

Welcome Home

Unleash your creativity and decorate your home as you wish. By renovating your home, you will increase the property value. Moreover, you are your own landlord.

Cost of Purchasing a Property

Did you know that when you buy a property, you must have money set aside to cover start-up costs? Such as your down-payment, property inspection, costs and 1.5% of the property closing costs. After property purchase transaction, additional savings set aside may help unforeseen expenses.

These expenses should not be taken lightly and all mortgage lenders will even check that you have these funds available before granting you a loan. Mortgage loans are calculated based on the value of your property and, therefore, cannot be used to pay these additional costs.

Here is a list of common start-up costs: – Property Inspection – Property Evaluation (Appraisal) *Subject to lenders condition* – Provincial tax (9%) on the Mortgage Insurance premium – Notary fees – Adjustment costs determined by the notary (Heating, Municipal & School Taxes, Equipment rental contract, etc.) – Property Transfer Tax (Welcome Tax) – Moving expenses