What to Expect When You’re In Closing

When you close your home there are a few things you’re going to need to expect – first of all you’ll want to expect the unexpected! It’s important to really be prepared for something awful to happen, so don’t freak out if the cashier’s check doesn’t clear or if there are delays. This just happens sometimes with closing, and with closing times going longer than ever before, you’re better off just dealing with delays as they come. Here we’re going to talk about a few of the things you should expect when you get to closing and how to make sure it goes as smoothly as possible. Let’s get started!

It Doesn’t Hurt Your Credit Score to Apply

It doesn’t hurt your credit score to apply to multiple lenders over a 45 day period. Make sure that you get aggressive about finding the lender that will give you the best deal.

Closing Starts Way Before You Get the Home

As soon as you sign your purchase contract, you’re in closing. It can take months to get from start to finish, so don’t rush. Take your time, have a lawyer look at your purchase contract and make sure that both the home you’re buying and the mortgage you’re about to take out is exactly what you expect it to be. It’s not uncommon for either the lender or the seller to add in a little something extra – and if you don’t find it, you’re liable. Take the time to have your lawyer look over it; if you don’t have a lawyer, get one!

Closing Costs Vary Lender to Lender

Different lenders are going to offer different fees and discounts, so it’s important that you get out there and start exploring what you can get from each lender. A common misconception about applying for mortgages is that you’ll ding your credit – you actually have a 45 day window from the first time you apply to apply for other mortgages to avoid damaging your credit. This gives you a lot of time to talk to different lenders and find out what they have to offer you.

Understand Your Lender Fees

You’re going to have lender fees, but what fees you pay will vary from lender to lender and province to province. You’ll have government fees and taxes, you’ll have different fees from companies (title companies for example) and you’ll have some filing fees you have to pay too.

To find the best rate on your lender’s fees, you’re going to want to look at the closing costs and origination fees with your mortgage. This will help you understand which is the most affordable and which lender is padding the bill.

Understand Government Taxes

Land Transfer Tax is one of the most unpopular fees to pay, but you’ll also have property taxes and recording or registration fees that you’ll have to pay when you buy luxury homes for sale or luxury real estate. Just make sure you know what you’re paying before you close!

 

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. For a listing of luxury homes for sale in the Oakville area visit their homes for sale page here: http://www.goodalemillerteam.com/Homes.aspx

Looking For A Luxury Home Is Different

Looking for a luxury home isn’t the same as looking for an ordinary condo or house. You can’t just drive through a neighbourhood that strikes your fancy and immediately spot a residence that matches both your needs and your dreams, and that just happens to have a “For Sale” sign outside the gate. Most truly grand (and sufficiently private!) properties won’t have a sign posted at all.

The owners of many such properties may discretely let it be known in personal social circles that they are interested in selling their homes. But what if you don’t move in the right circles, and never hear about a property that would be perfect for you?

The Internet and newspapers are so full of advertisements that you be unlikely to locate your dream luxury residence by simply checking under “Luxury Homes for Sale.” And just like in the case of posted signs, most truly grand (and did we mention “private”?) properties just aren’t advertised that way.

Figure Out Your Requirements and Seek Professional Advice

If you were thinking of spending similar amounts of money on any other type of investment that you will need to spend on a luxury home, wouldn’t you seek professional advice from business analysts, stockbrokers, and bankers? Wouldn’t you want them to suggest investment opportunities, and provide informed professional feedback on any investment ideas of your own?

Buying a luxury home is no different. This is the type of job that needs a real estate professional, and not just any professional. Some realtors are not prepared to actually serve the specialized needs of luxury clients – they just sell those ordinary condos and homes. No doubt realtors like that are good at what they do, but just like in any other profession, there are real estate specialists. You need to consult a professional specializing in luxury real estate, who can serve their clients and customers in the manner they deserve.

Think carefully about your needs, and establish a list of requirements. Are you looking for an elegant urban residence, or an estate outside the city? No matter how good your real estate specialist is, they can’t read your mind. Once presented with your basic requirements, a luxury real estate specialist will certainly be able to suggest other criteria as well, once they have an idea about what your needs and desires are.

Get the Information You Need To Get What You Want

A luxury real estate specialist provides you with the information that you need to properly locate, vet, and purchase a luxury home. They know about appropriate areas, about luxury homes for sale that may not be publicly advertised, and may already be aware of problems with that property you had your eye on.

They save you time and disappointment. And they know the market – while price is not a main concern for someone in a position to buy a luxury home, why pay more than you have to?

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. For Oakville real estate news and more join their Facebook page today!

Buy a Home in Less than a Year

Everyone wants to own a home of their own, but creating a plan of action goes way beyond hoping that one day you’ll have enough money to buy a house. Here we’re going to go over a 12 month plan to help you buy a house within a year. From checking your credit report, building credit, getting qualified for a mortgage and even finding a luxury home for sale, we’ll cover it all here. With a little planning you can have the home you’ve always dreamt of, so let’s go ahead and get started!

Month 1: Crunch Time

Start looking at your credit report and building credit; take time to look over and figure out what credit accounts you can work on.

Month 2: Know Your Numbers

How much can you realistically afford? Don’t try to make your budget bigger,

Month 3: What Kind of Home is Right for You?

What home do you and your partner or family want? If you’re buying alone, think of all the stuff that you’ve hated about renting and what you’d like in your next home.

Month 4: Researching Neighbourhoods

Use realtor.ca and other sites to do research on neighbourhoods.

Month 5: Finding a Real Estate Agent or Realtor

Finding a luxury real estate agent or luxury realtor will save you time and money, but only if you find the right one. Research and choose wisely.

Month 6: Hunting for a Broker, Lawyer and Home Inspector

You’ll need a mortgage broker, a real estate lawyer and a home inspector before you start looking for a home.

Month 7: Getting Your Paperwork Together

You’ll need to have all of your identification and financial documentation together. Letters from your employer, proof of income, asset like checking statements and more are important.

Month 8: Find a Pre-Approving Lender

You’ll want to work with a mortgage broker to find a lender that will work with you before you start looking at homes.

Month 9: Work with Your Realtor and Lawyer on a Sale Contract

Once you find a home, you’ll want to work with your realtor and lawyer to get your sale contract ready. This way you’re protected after you buy the home.

Month 10: Start Planning Your Move

You’ll want to begin planning your move – this means now! Don’t wait, get things you don’t need right now into boxes.

Month 11: Packing and Moving

A month before the mortgage closes, you’re going to need to have everything packed, and you’ll need to schedule the movers.

Month 12: You’re Home!

Once the sale is closed, your things are moved in, you’re finally moved in. You won’t have to worry about anything aside from your mortgage payment and making sure all of your utilities and mail has transferred over.

And that’s all you have to do to buy a home in a year. Don’t let the idea that you don’t have enough time or money to buy a home get in the way of buying a home.

The Goodale Miller Team is the #1 team in Canada for Century 21 11 years running.  Specializing in Oakville luxury real estate including Lakefront homes, infill building lots, condominiums and more. You can visit their website here.