Are you hoping to buy your dream Toronto home? In addition to ensuring you get the best mortgage rate, here are some things you must know before shopping for your dream home!
1. Account for all the costs associated with owning a home
It’s essential to ensure you account for all the costs of owning a house. You don’t want to buy your dream home and then find out you can’t afford it. Keep in mind all of these costs:
- The down payment and closing costs.
- Make a monthly mortgage payment and CHMC Insurance payment if you have a lower down payment.
- Home insurance costs and property tax payments.
- Maintenance, repairs, and utilities.
This list isn’t intended to scare you off buying a home. It's just to ensure you know all the costs associated with home ownership!
2. It’s essential to keep your emotions in check when house shopping
Another thing to remember while shopping for your dream house is not to let your emotions get the best of you. It can be easy to get carried away and spend more than you can afford if you think you’ve found your dream house. Even if you’re coming in with the best mortgage rates available for your Toronto home, you can still end up “house poor” if you overextend yourself when shopping.
Stay calm in a bidding war, thinking you must have a particular house. There will always be other houses to choose from.
3. Don’t agree to waive necessary steps like a home inspection
It can be tempting to agree to almost any condition if you feel your dream home is in your grasp. Yet your dream home can quickly turn into a nightmare if you skip essential steps like having a home inspection done. With a home inspection, you have a solid idea of what you’re getting into and whether you still want the house even if you have to pay for major repairs down the line.
4. Make sure you love the house and the neighbourhood
Finally, you must make sure you love the house and its neighbourhood. Check out all of the following:
- What’s the noise level at night and during the day?
- Can you quickly get to your job or stores from the house?
- Is public transit accessible?
- If you have children, what are the schools like?
We Can Help You Find the Best Mortgage Rates For Your Dream Toronto Home!
Whether this is your first house or you’re finally ready to upgrade to your dream home, we’re here to help at Northwood Mortgage. We’ll shop around to ensure you get the best mortgage rates!
To learn more about how our experienced mortgage brokers can help you afford the house of your dreams today, contact us at 888-257-8130 or online.
