You should get a pre-approval for a mortgage before you go looking for a home. Your lending institution can provide you with a written pre-approval at no cost or obligation and this can be done quite easily over the phone. It entails a completed credit application and a certificate which guarantees you a mortgage with a maximum price range so that you can find your dream home.
A portable mortgage is one that you can carry with you when you buy your next home and avoid paying any discharge penalties.
An assumable mortgage is one that the Buyer for your home can take over when you move to your next home. This can be a very powerful tool at the negotiating table, making it much easier for a Buyer to buy your home and again saves you any discharge penalties.
A mortgage covers the difference between the purchase price and your down payment. The larger the down payment, the less you have to borrow, the smaller your monthly mortgage payment and the lower your cost of interest over the term of the mortgage. It probably makes sense to put down as much of your own money as possible.
Do you have a Real Estate Representative working in YOUR best interest?
If you want to have your own Real Estate Professional working for you and in your best interest, it is important that you enter into a Buyer Representation contract with the Realtor®. There is usually no cost to you to have your Realtor® under contract; the Seller pays the commission unless otherwise arranged by you. Your Realtor® is now under contract to work only for you and in your best interest.
In Real Estate; there are different possible forms of representation relationships, these are;
Buyer Representation & Customer Service
Buyer Representation - As a "Buyer's Realtor®" Patti can:
Represent your best interests.
Keep your personal information confidential.
Provide advice on negotiation strategy.
Provide competent service, full disclosure of all pertinent facts about the property, market information, honest answers to all your questions & preparation of offers and other legal documents.
Help to identify a Buyer's wants and needs.
A written contract establishes Buyer Representation.
It also explains services the Realtor® will provide, spells out who will pay and specifies what obligations a Buyer may have. Typically, Buyers will be obliged to work exclusively with that Realtor® for a period of time.
If you are a Customer, we cannot:
Suggest or recommend a price.
Disclose any confidential information about the client unless authorized to do so.
Inform you of the client's "bottom line".
Negotiate on your behalf.
For questions or more information on any of these topics, pleaseclick here to contact us.
Keller Williams Integrity Realty, 100-245 Menten Pl, Ottawa ON K2H 9E8, (613) 829-1818 Direct: (613) 866-1014