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Congratulations on deciding to buy a home. Whether you are a
first-time buyer or an experienced investor, let the real estate
professionals at Century 21 Great Homes Realty guide you step-by-step
through the home-buying process. Your local experts will keep you
informed on what's happening, see that everything is running smoothly
and ensure there are no surprises upon closing.
Financing
Before you start house hunting, the first step is to
determine what you can afford and how much you will be able to borrow
based on your current financial situation. A pre-approved mortgage
will tell you the amount you can borrow, the interest rate and what
your monthly payments will be. There are many types of mortgages, with
various options and features to suit individual financial needs. Talk
to your local mortgage specialist to determine the right type of
mortgage that will work for you! Also, visit the links below for more
information on types of mortgages, current interest rates and to apply
online.
Expenses to consider
The biggest challenge when
buying a home is coming up with the down payment. Usually this
represents 5-10% of the purchase price. The larger the down payment
you make, the less your home will cost in the long term.
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Mortgage
Insurance application fee
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Appraisal fee
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Home inspection Fee (if applicable)
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Legal fees and disbursements, due at the time of closing
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Land survey fee (sometimes provided by seller), due at closing
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Closing or adjustment costs (property tax, utility bills)
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Land transfer tax (based on purchase price, due at closing)
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Property
insurance (for coverage of fire and other standard risks)
The House Hunting Begins
Now that you have determined the kind of mortgage you need, it's time
to start searching for you dream home! Not only do you want a home
that meets your current needs, as well as future plans, but also one
that fits your budget. This is where your real estate agent comes in.
Once you have selected the area you like, a real estate agent can work
with you to find available properties in the area and advise you of
the current selling price of comparable homes. Your real estate agent
can arrange appointments to view the property, prepare an offer to
purchase, negotiate with the vendor on your behalf and handle all
paperwork.
The CENTURY 21 ® System offers
convenient connections to the best in real estate related products and
services and rewards you with bonus AIR MILES reward miles. From
finding a mortgage to closing your transaction, CENTURY 21 Connections
offers you one stop shopping. It's just one more way that your CENTURY
21 real estate professional takes the anxiety out of buying a home.
For more information about the CENTURY 21 ® Connections
program visit
click here.
Don't forget you can earn AIR MILES reward miles with your purchase
through Century 21. Click here for more
information.
Other Useful Links
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