Now Is A Great Time To Buy A Home
Just when we thought interest rates couldn’t go down any further, the Bank of Canada cut its key interest rate to a new historical low. That’s not great if your investments are sitting in a traditional interest-generating savings account. But it’s excellent news if you’re in the market to purchase a home!
With the spring fever real-estate market just around the corner, lower interest rates will definitely add competitive fuel to the bidding prices of homes for sale. However, taking the time to properly map out your home-shopping strategy can help set your purchase plans in motion. Here are a few handy tips:
- Make a wish list
Before you begin your hunt, establish the must-haves, nice-to-haves and willing-to-compromises including desired location, size and features that are important to you.
- Find expert partners to assist
A real estate agent is your best ally in helping you find and negotiate the purchase of the perfect home. A mortgage broker is important, too. A broker can not only research and coordinate the right mortgage option for your needs but can also walk you through the entire financing process from start to finish.
- Line up the financing
Get your financial ducks in a row. Know your budget and meet with a mortgage broker who can help shop your financing needs to various lenders in a bid to get you prequalified for a preapproved mortgage.
- Don’t underestimate the purchase cost
When budgeting, keep in mind that you need to account for all the legal and government-related fees and taxes associated with purchasing a home including appraisal and inspection costs.
- Ask questions
Knowledge is power. Write down a list of questions you might have about buying a home including the type of financial and legal documentation you will need.
Visit www.mcap.com for details.