First Time Home Buyers Guide

What first time home buyer’s need to know:

Home buying can be one of the biggest purchases of our lives and almost everyone dreams about buying
a home one day but the process can seem scary at first.
In my experience with first time home buyers, getting started and learning what you like takes time in
the beginning. With experience and my expertise, I hope to make that process a lot more enjoyable!

Here are the first few steps I walk through with all my clients to make it smoother and less daunting:

1. First things first – mortgage and down payment. You need to know how much mortgage you
will be approved for. I usually match my clients with a mortgage broker. Some may choose to
work with a bank while others like to work with an independent broker.

2. You need to have a 5% down payment for the purchase up to $500,000 and 10% for the portion
of the purchase price above $500,000 up to $1,000,000.

3. Make sure you have calculated your other up-front expenses for buying a home and put money
aside for those. Expenses include:
     a. Lawyer fees: which should be under $2000 including appraisal, land title registration
          fees, searching title, land title registration fee, and survey certificate.
     b. Property transfer tax, if applicable, which cannot be financed and must be paid upon

4. Have your Realtor set up a search for you matching your search criteria such as spending price
and other criteria including type of property, apartment, town house or a house.

5. Make a list of the properties that you would like to see, and your Realtor will make the
appointments and set up tours.

6. On property tours and viewing, your realtor will walk you through all the positives and negatives
of the place to help you make an informed decision.

So, you have found a place you like! Now what?! I will walk you though it in my next post. Stay tuned!

Roya Fani,
Re/Max Realty