When it comes to buying a home, getting pre-approved for a mortgage is a very important step. Not only does it help you understand exactly how much you can afford to spend on a home, but it often allows you to lock in an interest rate for a period of time which could potentially save you thousands of dollars for years to come.

Here are 4 simple steps to a mortgage pre-approval:

1. Talk to a mortgage specialist.

Whether it’s your bank mortgage specialist or an independent mortgage broker — talk to someone with expertise who can help you compare rates and terms as there are hundreds of options

to choose from. Your choices may involve a fixed-rate or a variable/adjustable mortgage, or combination mortgage - your mortgage specialist will work with you to find the terms that best suit your long term goals.
2. Complete an application to find out how much you qualify for.

There are many factors that go into determining your eligibility for a mortgage. Two of the primary practices are calculating your GDS (Gross Debt Service) and TDS (Total Debt Service) ratios. These factors determine how much you can comfortably afford to spend based on your down-payment, income and other financial obligations.
3. Gather your financial information to finalize pre-approval.

Your bank or mortgage professional will require documentation to support your application such as income and down-payment verification to finalize the pre- approval process.
4. Get a copy of your pre-approval.

This is a powerful negotiating tool. It’s extremely frustrating for sellers to lose a sale because of financing. A pre-approved buyer means sellers have one less thing to worry about. Even though many offers are conditional on financing, the seller of your dream home will see you as a more attractive buyer when they know you are pre-approved.

Here are a few key questions to help narrow down what you want in your home:

What type of home are you looking for? Detached or semi-detached?
What style of home is best for you? Two-storey, bungalow, split-level, duplex, townhouse?
What about the age of the home? Does the home need to be brand new?
How many bedrooms and bathrooms do you need?
What are you looking for in a kitchen? How about a family room? Do you want a separate
dining room? What is your preferred layout?
What are your high-priority features? Appliances, ensuite, fireplace?
What other rooms do you need? Main floor laundry room, home office, hobby room?
What about storage space? Basements? Lockers?
Do you need a garage or extra parking spaces?
Is energy efficiency important? Newer windows or a high-efficiency furnace?
How long is your daily commute? How easy is it to get to the places you need to go?
How close do you need to be to transit, shopping, schools, places of worship, and hospitals?
Are there any important location factors? Backing on to parks? How about road traffic?
Do you need to be on a quiet street?
What size of yard are you looking for? Is the backyard important, or is a side yard enough?
What about the front yard?
What other landscaping features are important? A fenced yard, play areas, a pool, gardens,
a patio?
Is it important that the house faces a certain direction?
Who are you sharing this home with and what are their needs? For example,
pets might need a fenced yard, or extended family may want a separate entrance.
How long do you plan to live here? This decision can impact the type of home,
the location, and how much you will spend.
How much do you want to invest beyond the purchase price of the home—both in
terms of money and effort—if you can’t find all the features that you want?

No one likes unexpected bad news—especially the financial kind! This worksheet can help you prepare for the cost of closing, moving, and getting settled into your new home.

Common Closing Costs:
Balance of down payment after initial deposit with offer
Mortgage loan administration and/or appraisal fees
Points or loan discount fees paid to receive a lower interest rate
Credit report fees
Mortgage insurance premiums
Land transfer tax and title registration fees
Title insurance policy premiums
Survey expense
Legal fees and related costs (couriers, photocopies, etc.)
Pro-rated amounts for your share of any prepaid costs, such as utility bills and
property taxes

Moving Costs:
Packing supplies
Movers
Vehicle rentals
Ancillary expenses (food, hotels, etc.)
*On average, a Canadian home buyer may spend approximately $1,325 on moving costs.

Settling-In Costs:
Changing locks
Cleaning
Painting, minor renovations, and repairs
Furniture for additional rooms
Lawn care and landscaping
*On average, a Canadian home buyer may spend approximately $3,550 on general household purchases, $6,575 on furniture and appliances, and $9,525 on renovations.
*Altus Group Economic Consulting, “Economic Impacts of MLS® Home Sales and Purchases in Canada and the Provinces,” The Canadian Real Estate Association, last modified May 14, 2015, http://crea.ca/sites/default/files/Altus%20Report%20Economic%20 Impact_OS_En.pdf

This may seem hard to believe, but many people thoroughly enjoy their moving day and the time leading up to it. The secret? Being organized. Make sure you have the right tools—packing tape, permanent markers, sticky notes, and lots of boxes on hand will make your move much easier. Start early and work steadily. Make progress every day with your packing instead of leaving it all until the last minute.

Develop a master “packing/to do” list so you won’t forget something critical.
Purge! Get rid of things you no longer want or need. Have a garage sale, donate to a charity, or recycle.
Before throwing something out, remember to ask yourself how frequently you use that item and how you would feel if you no longer had it.
Pack like items together. Put toys with toys and kitchen utensils with kitchen utensils.
Decide what, if anything, you plan to move yourself. Precious items, such as family photos, break-
able valuables, or must-haves during the move, should probably stay with you.
Use the right box for the item. Items packed loosely are more likely to be damaged.
Put heavy items in small boxes so they are easier to lift. Keep the weight under 50 lbs., if possible.
Do not overpack boxes — boxes that are packed comfortably will be less likely to break.
Wrap each fragile item separately and pad the bottom and sides of the boxes.
Label every box on all sides. You never know how they will be stacked and you do not want to
have to move other boxes aside to find out what is inside.
Use colour-coded labels to indicate which room each item should go in. Colour-code a floor plan
for your new house to help your movers.
Keep your moving documents together, including phone numbers, the driver’s name, and van
number. Also keep your address book handy.
Back up your computer files before moving your computer.
 
 Inspect each box and all furniture for damage as soon as it arrives. Remember, most movers won’t
take plants.

1) GIVE AN EXTRA CLEAN

Deep cleaning the bathrooms and wiping down baseboards is a common first thing tackled when arriving at a new home. A quick clean cycle on the existing washing machine puts a new homeowners mind at peace when it comes to true cleanliness knowing the washer has been used by previous owners. An important tip when doing your clean cycle on your existing washing machine is to make sure to drain out the excess water from the drainage tube when the cycle is complete. This is generally located at the bottom of the machine. You can also google search where that drainage tube would be located on the specific model of the machine. lots of smells will arise, beware.

2) DECIDE WHERE ALL FURNITURE SHALL BE PLACED AND PUT TOGETHER THE NECESSARY ITEMS.

Beds are commonly assembled first, getting them pieced together with help is a big stress reliever.

3) PUT THE BOXES IN THE RIGHT ROOMS

Putting the labelled boxes in the correct rooms makes it easier to tackle one room at a time when unpacking items. Wasting time darting from room to room isn't always ideal on a move-in day.

4) INTRODUCING YOURSELF TO NEIGHBOURS

No baked goods necessary, a simple hello will establish friendly terms from early on. :)

QUESTIONS TO ASK WHEN CHOOSING YOUR AGENT:

1. Are you a full-time real estate agent?

2. How much experience do you have in my neighbourhood and can you provide references? 3. How many homes have you listed and sold in the last year?

4. What services and resources do you offer?

5. How does the home-selling process work and what is expected of me?

6. How long are homes in my neighbourhood on the market?

7. How would you price and market my home?

8. What disclosure laws apply to me and what do I need to be aware of?

9. What does the listing agreement entail and what is your fee?

10. What happens if another agent locates a buyer?

11. What happens if I’m not happy with your services?