I feel like tumblr is the place to be. WordPress, you’re cute and all but tumblr’s my home.
Sooo, everybody has all of these guides about things you didn’t know when buying a house. But guess what they all say the same. Damn. Things:
- Get a downpayment
- Get preapproved
- Find a house you like
- Buy the shit out of it
- move in…
A lot of guides or “10 stupid things people do when buying a house” are often heavily focused on the mortgage part. GET PREAPPROVED OR ELSE!!! Skulls and crossbones and what not.
I’m going to try and create a comprehensive guide from my experience specifically here in the Hamilton, Ontario market. You have to realize that depending on your city the market could be completely different! There are going to be some things in here that will be very applicable to yourself when buying a house.
1a. The boring mortgage money stuff
Before yous tart to do anything…just get cheques You don’t need your address on your cheques. Trust me they will come in handy later!
Get a mortgage preapproval and a down-payment yadda yadda yadda.
You can get information about that all over the place, but really quick about down-payments you will pay extra fees if you have a down payment below 20% of your purchase price. I didn’t have 20%, but definitely try for 5 to 10% of your purchase price and you should be happy.
Although you can go to a bank to get preapproved, don’t. See a mortgage broker. There are banks that do offer low interest rates, but a mortgage broker has the ability to search through ALL of the mortgage lenders In fact, I suggest going to Mortgage Architects. Make sure that when you speak to your mortgage broker, they don’t charge because guess what? The Lender pays them! (The lender is the bank that you are getting your mortgage from.)
Before you even go to your mortgage broker…bring your stuff!
- You will need to get your Notice of Assessment. What’s that? Ask whoever files your tax stuff (aka mom or pops) It comes to you you every year. What’s on it? I can’t remember I was just glad that I found it.
- Then your most recent paystub(s)
- a letter from your employer…I don’t care how long you’ve worked there. Get one!
- IDs (driver’s licence, SIN card, passport, birth certificate, soul)
- void cheque/bank draft
- copy of your last 3 months bank statement with your downpayment in it…they want to see your account activity, not just the current total (if you have an electronic bank statement, change your nickname of your account to your full name. You name Must be on your bank statement whether it be a printout or what have you…p.s. It doesn’t work with CIBC, but they do save electronic copies of bank statements for you.)
- your last T4 from your job(s)
- credit cards (you should have 2 if you want good credit)
I suggest getting a folder and keeping all that stuff in it for the entirety of your search. If you get a house, there might be a mortgage sale at a different bank offering a lower interest rate. Then you’ll have to get that stuff all over again because the new bank will need to approve you.
Always stay in touch with your mortgage broker if you get any change in income or more assets or you had to buy a new car etc.
Hey you got preapproved! Yippee—not so fast…
Don’t get so excited over that pre-approval amount. You probably already had an idea of an amount that you wanted to stay around before…stay with it! It’s great to know that you can buy more, but don’t! Be firm with your price and try to get a good real estate agent that will get you the price dropped. More on that later.
Keep in mind: No matter what house you buy you’re going to do work to it…whether you want to or not! Let your mortgage broker show you different costs and payment plans for you.
There is monthly, accelerated monthly, biweekly, accelerated biweekly, weekly. Your mortgage broker will show you the breakdown of those payment options and how much interest you will pay on your house at the end of it all (of course, that’s dependent on the interest rates at the time as well as your down payment and purchase price obvi)
Now that we’ve got that boring stuff out of the way. onto 1b. On the Hunt!
It’s been awhile since I have posted my thoughts and ideas on the internet. I’d like to still posted my silly thoughts and knitting/baking/cooking and other things I do.
I’m going to find a corner of the internet, however, to showcase my wedding, house hunting, weight loss and other rants in a place that suits it.
Tumblr is great for sharing media and crafts etc…but for real blogging it doesn’t do the trick.
When I’m on tumblr I skip over the long-winded text posts unless they are something I’m really interested in like movie reviews or travel stories of my friends…but that’s how tumblr was made really.
I bet you all aren’t even reading this right now!
Anyway, I will be posting more of my projects now that I am getting some kind of time management in my life. I know that Tumblr isn’t as popular with my followers any more though. Hopefully people still are interested in what I have to give.
Tl;dr: I’m moving my real posts to wordpress…find me if you can!