Find your dream home
Buying a home is one of the largest financial transactions you will make in your lifetime. It can be exciting and it can be challenging, and there are many important questions to consider. I will go beyond the transaction and will be there with you every step of the way to help you find your dream home.
Working with a dedicated Realtor will save you time, add professional assurance to every step of the process, and help ensure that you make a solid investment.
10 terrific reasons to work with me!
- I take it very seriously that you're putting your trust in me. Buying a home and investing in real estate is a big deal and I get that.
- I can help you fine tune your list of wants and needs and enhance your search process by helping you uncover what you may not have considered. We'll work together to ensure that you will LOVE where you live!
- I can save you time by screening properties, setting up appointments, and gathering important details about the property and the neighbourhood that you may not have access to.
- I'm a local REALTOR® and I know the local market and the local politics not to mention valuable information about living in a rural area.
- I'm certified as a master negotiator (MCNE) and I'll use my skills to secure the best deal and the best terms for you.
- I can introduce you to trusted contacts who should be on your team, such as mortgage brokers, lawyers, and home inspectors.
- I will keep you in the loop, let you know what to expect, give advice where needed, and keep you informed every step of the way using whatever form of communication you're comfortable with.
- I love to hear what you have to say! You know your your needs better than anyone else and the more that I know about you, the better I can represent you.
- I have 20 combined years of experience in real estate sales, rental, and property management, and I'll put that experience to work for you.
- I'm a professional Realtor® with a reputation for conducting my business with integrity and honesty.
Let’s get started...
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HOME BUYER'S GLOSSARY
AMORTIZATION
Amortization is the schedule that is used to determine your monthly payment for a loan. Mortgages are considered to be an amortized loan because you make a regular payment based on a schedule created when you are approved for the loan. You should be given an amortization schedule before you sign the documents to receive your loan. It will tell you exactly how much of each payment will go toward principle and how much will go toward interest. This can help you determine how long your mortgage should be for. A 30-year mortgage will cost you more in interest as opposed to a 15 year mortgage.
Home Inspection
Prior to the purchase of a home, a thorough review of the entire house is completed. This covers all areas of the house such as the roof, mechanical and heating systems, construction and more. The inspection is generally done by a licensed professional, and a detailed report is compiled. Home inspections can be purchased by a seller to help them prepare their home for sale, or by the buyer to ensure that they’re aware of any potential issues with the home before purchasing it.
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
When purchasing real estate, the buyer usually offers a sum of money to the seller when they execute a purchase agreement or offer. This is called a deposit and it’s a way for the buyer to communicate to the seller that they are serious about the purchase. If the seller backs out of the deal, the buyer typically keeps the deposit unless the contract states otherwise. The amount of the deposit varies however the amount is usually between 1% and 3% of the purchase price. When the offer is accepted by the seller, the funds are held in trust by the listing real estate broker and are usually applied to the buyer's closing costs.
Multiple Offers
The term multiple offers refers to a situation that will often happen in a very hot real estate market or an up-and-coming neighborhood. Sellers who receive multiple offers will usually have a hot property at a good price. They will be in a seller's market where many buyers are competing for only a few homes. These sellers will have the ability to look over many different offers in order to accept the one that makes the most financial and logistical sense. With multiple offers, the seller gets to make a choice on who he or she wants to do business with. The other consequence of having multiple offers is that sellers are more likely to get something close to or over their asking price. When many buyers have to compete with one another, they are more likely to up their bids in order to meet what the seller is looking for.
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.
Interest Rate
Interest rate is an amount of money that is added to a loan. This interest is in addition to the principal amount of the loan and you can see the interest you pay each month on your payment schedule. This is how the lender makes a profit from the loan and is compensated for the risk taken when approving the loan. Generally the higher the risk, the higher the interest rate. Improving your credit profile will improve your chances of getting a loan at the lowest possible interest rate.
Loan Term
The loan term is the amount of time that a person has to pay off his or her mortgage. This is the total amount of time that the mortgage will last if the borrower makes all scheduled payments. For instance, a person with a 15-year mortgage would have a 15-year term. A person with a longer term will have to pay more money in interest. Less of his monthly payment will go toward paying down the principal of the loan. A person with a shorter loan term will pay more money each month; however, he will be paying down more money on the balance of the loan. People must choose the right loan term to fit their financial situation.
Mortgage
Mortgages are the loans that borrowers use to secure financing for their home. There are several different types of mortgages that a borrower can choose from. The interest rate for a mortgage is generally quite low compared to other loans. This is because they are secured loans and borrowers could have their homes taken from them if the mortgage is not paid in a timely manner. Typical mortgage types include fixed-rate mortgage and variable-rate.
Mortgage Broker
Homebuyers who want to be matched up with the best lender often use the services of a mortgage broker in their search for financing. A mortgage broker pairs lenders with buyers who meet the financier's lending requirements. The broker does not provide the loan; however, this professional does earn a commission from any loan that results from referring applicants to the lender's services. Brokers are able to help a wide array of clients. Many people wrongly believe that they are not eligible for loans because of their credit history or incomes. However, homebuying experts urge people to consult with a mortgage broker before they give up hope of buying a house. Brokers are skilled in finding lenders that can help the most limited of clients realize their dream of owning their own home.
When speaking of a mortgage balance, the amount of the payoff is called the principal balance. The borrower makes a payment on a schedule put in place at the time of the original loan. This is usually a monthly payment including principal and interest. The principal is reduced each time a payment is made.
Principal
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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 Lanthorn Real Estate Ltd. Brokerage
INFO & SERVICES
CENTURY 21 Lanthorn Real Estate Ltd. Brokerage
102 Main Street, Picton, ON K0K2T0
(613) 476-2100
INFO & SERVICES
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