Creating Your First Home Together

Moving in together is an exciting time as you and your partner take the next step in your relationship.  Below is a seven step process that will ensure you and your partner are as happy with your new home as you are with each other.

Step 1: Deciding what type of home to buy. Choosing a type or style of home has a lot to do with lifestyle, it involves location, the amount of space required, and the amount of time you want to put into maintenance or renovations.  Before you begin to look for a home, spend the evening together each making a list of needed features in your new house. Ensure that your lists are separate.

Step  2: Talk through the differences – once your lists are complete come together and compare notes so that you come up with your ideal home. It is important that you discuss the different expectations that you both have of your new home so that you come up with an image of an ideal house that you are both satisfied with.

Step 3: Can you afford it? Before you start to look for your new home make an appointment with a mortgage broker or banker to review your collaborative financial situation. Based on this evaluation they will indicate the maximum mortgage you will be approved.  Ensure that you factor in your other monthly expense and your overall financial plan so that you don’t overspend on your new home.

Tip: Hold Off! Before you buy, hold off on getting a car loan or making any furniture purchases, as any big expenditures on credit will reduce your buying power and hurt your credit score.

Step 4: Ready! Once you have completed your due diligence, call a real estate professional that is a Buyers Specialist to represent you in your home purchase.  This agent will work on your behalf to find properties, arrange showings, monitor the market, and connect you with mortgage brokers.  The agent will also work on your behalf to negotiate the best price and terms.

Tip: A Buyers Specialist is Free. There is no cost to you to use a Real Estate Professional that is a Buyers Specialist, as the seller is responsible for the fee.

Step 5: Watch the Market- if you are interested in current market updates visit www.thecalgaryrealestateblog.com

Step 6: Ugh… packing- packing and moving can be stressful and time consuming. Before you move, make sure that you sort through your own items to eliminate duplicates; have your partner do the same.  This will reduce the hassle of moving unnecessary items and will make moving day a more enjoyable process.

Step 7: Kick up your Feet and Relax –you have moved into your new home.  Take time to enjoy living with your partner.

If you feel overwhelmed about buying or selling a house please e-mail Jared & Rebecca from The Chamberlain Group Sales@tcgroup.ca or visit us on-line at www.chamberlaingroup.ca

Home Buyers Glossary Part 2 of 3

Here is the second part of the Glossary that you should know when purchasing a property…

HIGH-RATIO MORTGAGE:
A mortgage that exceeds 80% of the home’s appraised value. These mortgage must be insured for payment

INTEREST RATE:
The value charged by the lender for the use of the lender’s money. Expressed as a percentage.

MATURITY DATE:
The end of the term, at which time you can pay off the mortgage or renew it.

MORTGAGEE:
The person or financial institution that lends the money.

MORTGAGOR:
The borrower, or yourself.

MORTGAGE INSURANCE:
Applies to high-ratio mortgages. It protects the lender against loss if the borrower is unable to repay the mortgage.

MORTGAGE LIFE INSURANCE:
Pays off the mortgage if the borrower dies.

OPEN MORTGAGE:
Allows partial or full payment of the principal at any time, without penalty.

PORTABILITY:
A mortgage option that enables borrowers to take their current mortgage with them to another property, without penalty.

PRE-APPROVED MORTGAGE:
Qualifies you for a mortgage before you start shopping. You know exactly how much you can spend and are free to make a “firm” offer when you find the right home.

PREPAYMENT PRIVILEGES:
Voluntary payments in addition to regular mortgage payments.

If you have any Real Estate needs, please contact us directly!

Regards,

Jared & Rebecca Chamberlain
www.ChamberlainGroup.ca
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