This is something that I go over with each and every one of my clients, but I thought I would pass it on to the general public.  This is especially important to do, in this market.  Ensure that you review everything with your Realtor.  If you are unclear about anything, ask questions.  Take notes.  Ask more questions. 

Don't be afraid to call and ask questions until you know you've got it; or you're comfortable with the information (and it can be a lot all at once; so take your time, but be thorough).

- Get pre-approved for your mortgage.  Getting pre-qualified is not enough

- Ensure you have your downpayment available (in the bank).  Make sure the money is enough to cover all closing costs and any 'surprises' that may arise

- Don't spend any money on major purchases, between the time you buy and the time you close

- Don't change jobs, if it all possible, until after the deal closes

- If you were given a mortgage commitment by the bank, ensure you have met all of their conditions.  If necessary, review this paperwork with your Realtor.  He/she will help you, to ensure all conditions are met on time.  Do this before you remove any financing conditions from the offer

- Don't buy a house today, to close in 90 to 120 days ++.  Do as short a closing as possible. 
The market changes; things happen .... and you want to make sure your house is worth the same on closing, as when you bought it.  The bank may get an appraisal done.  If too much time has passed, it could be a problem.  This is very important.  Keep that time as short as possible.
Some of you may be renting.  You will want to automatically extend that closing date beyond the 60 days, or maybe more. That extra month's rent may not be worth it, if the appraisal comes in below what you paid for the house, if you wait too long.

If you lost your job, would you be able to carry the house for a few months, until you got another job? 
If your partner lost his or her job, would you be able to carry the house for a few months on one salary?
Have an emergency fund available for exactly this situation. 

Talk to your Realtor.  Go over everything.  If you don't have a Realtor and need more information, feel free to contact me directly.

Toronto Real Estate by Sylvie Conde - Broker
Sutton Group-Associates Realty Inc., Brokerage; 416-966-0300
sconde@sutton.com
www.sylvieconde.com


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