Know Your Why
The first step in your search for a property is to have a clear sense of your reasons for buying as this will help you to choose the property that is right for you. Are you buying because you don’t see value in paying rent or because you need more space or desire a different postal code?
Preparing To Buy
It is highly recommended that you get pre-approved for a loan before you start your search for a home. This process involves meeting with your lender and providing them with information on your current financial situation and credit history. The lender will examine this information and provide you with details on how much you can borrow. Getting pre-approved will give you an accurate idea on how much you can afford, and it will allow you to be taken more seriously when making an offer. We recommend that you start preparations by building a file containing the following:
- Financial Statements
- Bank Accounts
- Investments
- Credit Cards
- Existing Loans
- Copies of leases for investment properties