F I R S T T I M E
B U Y I N G H O M E
R E A L E S T A T E
Buying First Home Can Be One Of The Most Exciting Experiences In Your Life. For Couples, It Will Become An Important Step Towards Building A Life Together. For Other People It is The Most Enjoyable Investment They will Ever Make. But Getting The Financing For Your First Mortgage, On The Other Hand, Can Be A Little Bit Scary. Don't Worry; A Team Of Dedicated Professionals From Century 21 Leading Edge Realty Inc. & Towhidur (Ray) Rahman Can Make Your Dream Come True and Your Canadian Ultimate Home-Buying Experience Most Pleasant And Rewarding!!
You Are Thinking Of A Real Estate Transaction, No Matter What Locations Or Budget You May Have In Your Mind And You Are Interested In, We, A Team Of Century 21 Competent Professionals, Extend Our expertise, Connections, Power And Services To Your Benefit.
Turn Your Rent Payment in to Your Home Ownership !!
W H A T Y O U C A N A F F O R D
The first step is to review your current expenses thoroughly. Find out how much added expense will be incurred in taking on a mortgage. It is s a good idea to get a pre-approved mortgage, A pre-approved mortgage will let you know how much money do you qualify to buy a home. To determine affordability, The mortgage agent will look at your Gross Debt Service Ratio (GDS) and your Total Debt Service Ratio (TDS). The GDS ratio is based on what you can afford to pay each month and it includes mortgage payments, taxes and heating.
The mortgage agent will help you to do a complete financial and budget analysis based on your net income looking at current and projected income-expenses to determine what you can actually afford and what size of mortgage payment is realistic. Once you are pre-qualified, the interest rate at which you pre-qualify is frozen or locked for specified period from your application. If rates fluctuate from what you pre qualified for, you will get the lower rate. Also just because you pre-qualified for a mortgage at a certain financial institution, you are by no means obligated to obtain your mortgage through that particular bank.
Mortgage Application Check-list
q A copy of the Accepted Offer To Purchase.
A copy of the Real Estate Listing if buying an existing home.
q A salary letter from your employer: 2 years in the same line of work and min. of 6 mos. with new company with qualified income.
q Self-employed individuals need financial statements for the past three years as well as personal income tax returns.
q Confirmation that your down payment came from your own resources
q A list of all your assets and debts along with account numbers.
q You must have a good credit; Nothing worse than a month late payment
on any credit cards in the last 2 years,
q No late payments on any loan or mortgages. No bankruptcies in the last 7 years
and no orderly possessions. That is it !!
THE TYPES OF HOME :
You have a choice of Home buying options depending on your budget and comfort. I shall explain and show all types of houses to guide you through your every options during the process of my service to you. 
Detached Type: Bunglow, different split Level, 1.5 story, 2 story or 3 story etc. Semi-detached: Bunglow, different split Level, 1.5 story, 2 story or 3 story etc.
Free hold Town houses;
Duplex, triplex and Fourplex etc
Condo Town House
Condo apartment and so on.
F I N D I N G R I G H T H O M E
Buying a Real Estate, whether a Residential home or a commercial investment, All can be of any one's most fulfilling lifexperiences and one of the most challenging. The more prepared you are at the outset, the less overwhelming the buying process will be. You would better shop around, Decide where you want to live based on such things as transportation, distance to work, proximity to schools, day-care, recreation facilities, shopping, health care etc. Take the guesswork out of shopping for a home by taking advantage of all the professional resources available to guide you through the many choices available when purchasing your first home.
Look for the R E A L T O R who is honest, knowledgeable, experienced, competent, confident and skilled negotiator. You need the services of a Competent Real Estate Professional to guide you through such complex transaction. The R E A L T O R will be trained, licensed and have a good knowledge of local real estate conditions and its markets trend etc.
CENTURY 21 Leading Edge Realty & Ray Rahman, FRI, CRES, MVA, as R E A L T O R can be of great assistance to you with my professional skills and competency and a support system of CENTURY 21 System power to any of your Real Estate Transaction such as Buy & Sale or Lease of all types of Residential, Commercial and Investment Properties, including and not limited to all vacant land, hotels, motels, shopping plazas, gas stations, offices etc.. No matter what locations or budget in your mind and you are interested in, we are here to extend our expertise, connection, power and services to your benefit.
Additional Cost:
q DEPOSIT: The deposit is part of the Purchase Price but you need it the day your offer is
accepted. In Toronto, five to ten percent is the expected amount. Not everyone has the
money in an accessible account so a split deposit - part now and the rest at a later date
is often acceptable.
q HOME INSPECTION: A home inspection has become standard in the freehold and condominium townhouse purchase. The inspection costs between $250 and $350 for most houses but increases with the cost of the house over $300,000. The companies that we recommend all charge a base price of $300 to $400 
q HOUSE INSURANCE: The house must be insured prior to closing. The annual premiums are fluctuating. Many insurance companies won't insure or charge an extra premium for houses with less than 100 amps service or with the old style "knob and tube" wiring, which is present in many older homes. The insurance companies are changing the rules all the time. Shop for a good insurance broker early in the process.
q SURVEY: A survey that shows the lot dimensions and the location of any structures is good to have but is no longer mandatory to get a mortgage. Title Insurance can protect you from the problems that a survey might find. The usual cost of a survey is between $1,000 & $1,200 (occasionally more).
q MORTGAGE COSTS: There is usually an interest adjustment calculation to adjust for the time between your closing date and the date that the mortgage company wants you to make your regular payments, usually the 1st of the month. The costs of arranging a new mortgage, which can include application and appraisal fees. and CMHC premium etc., based on Conventional or CMHC insured Mortgage. With most second mortgages and some first mortgage too, there is a brokerage fee and/or Lender’s involved. The amount depends on the size of the mortgage. Get a firm quote.
q LEGAL FEES: You need a lawyer to search the title and cover all the legal matters. Rates vary greatly, starting at about $450.00. This amount is for the lawyer's time. In addition you must pay for the disbursements that the lawyer pays on your behalf. The disbursements are often equal to or greater than the lawyer's fee. Get a quote !
q TITLE INSURANCE: Title insurance is a standard part of your legal package and should be included in the quote from your lawyer.
q REAL ESTATE TAXES: If the Vendor has paid the City Taxes in advance, you must reimburse him. This is part of the "adjustments".
q OIL: If the property is heated with oil, convention dictates that the Seller must fill the tank for closing and then you reimburse him on closing. NB: If you are switching to gas then make sure that your lawyer and the Seller know well in advance of closing so the tank isn't filled. This is part of the "adjustments
q GST: Good news!! There is no GST payable on resale homes unless the owner has been carrying on a business in the home and applying for tax credits, in which case the GST is the Seller's responsibility.
q LAND TRANSFER TAX : The Buyer needs to pay the Land Transfer Tax as applicable, Payable on closing. Its calculation is a multi-tiered formula shown as above, It is a major expenses on closing the purchase. LAND TRANSFER TAX Payable on closing. It is a multi-tiered formula:
q CLOSING ADJUSTMENTS : Then there are closing adjustments with the seller; Realty-Taxes, rental income, condominium maintenance, and some utility charges.
Avoid any surprises by having choosing me as your real estate professional, I will guide you through the necessary steps. Rely on my expert advice to keep you well informed and prepared. It's just one more way that I will starve to take the anxiety out of buying your dream home. Count on my Skills, Experience and Outstanding Performance.
You may have many questions to be answered. Please browse all the other links and respective pages to justify more facts and findings to your advantage at time of your buying or selling a Real Estate in Ontario, Canada.
If You are a New Comer to Canada or First Time Buyer: CMHC-The Newcomer's Guide to Canadian Housing and Buying Step by Step are the most informative sources for New Immigrants and First Time Buyers when buying a home in Canada. Please contact me for a copy of the Guide or Download the .pdf file. Please Click: New.Immigrant.Housing-Guide + HomeBuying.StepByStep
I F Y O U A R E B U Y I N G: Please Click: Buyers_Page : Property_Buyers_Requisition
I F Y O U A R E S E LL I N G: Please Click: Sellers_Page : Property_Sellers_Requisition
